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Zijin takes 92.44% Nevsun stake, moves to compulsory acquisition

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Zijin takes 92.44% Nevsun stake, moves to compulsory acquisition

A further 3.07% shares in Nevsun Resources Ltd. were tendered under the extension period of the C$6.00-per-share all-cash takeover bid from Zijin Mining Group Co. Ltd.

Zijin now owns about 92.44% of the total issued and outstanding shares of Nevsun, according to the Jan. 7 release.

The Chinese gold miner will secure the remaining Nevsun shares by way of compulsory acquisition.

Zijin was recently looking to issue up to 3.40 billion A shares in a public offering to raise around 8 billion Chinese yuan to complete its acquisition of Nevsun.

As of Jan. 4, US$1 was equivalent to 6.87 Chinese yuan.