Gold miner Sino Gold Mining
(ASX:SGX) says the Foreign Investment Review Board has approved a takeover of the company by Canada’s Eldorado Gold Corporation.
Sino Gold says the approval satisfies a condition of the scheme of implementation deed between the two companies.
Eldorado announced a 'business combination' in August to acquire all the issued shares in Sino Gold via a scheme of arrangement.
The Sydney Morning Herald says the merged company will have a market cap of around US$6 billion, gold reserves of 12 million ounces and resources of 23 million ounces.
Eldorado is offering 0.55 Eldorado shares for each Sino Gold share, which values the company at approximately $2.2 billion.
Sino Gold’s board has backed the proposal. Sino Gold Mining has posted net losses in the last five years.
Rural services company AWB Ltd (ASX:AWB) says that the U.S. Court of Appeals has dismissed an appeal against a U.S. class action ruling in AWB’s favour, brought by persons who are said to represent a class action of residents of the three northern governorates of Iraq.
In a statement today AWB says it has been advised that the U.S. Court of Appeals has dismissed the appeal by Karim and others.
The plaintiffs had appealed the original verdict of the U.S. District Court for the Southern District of New York which found in favour of AWB, AWB USA, BNP Paribas and Commodity Specialists Company.
AWB posted net profit of $64.28 million in 2008.
Australian oil and gas producer, Mosaic Oil N.L. (ASX:MOS) has raised $10.9 million via a placement of 94.74 million shares at 11.5 cents a share.
The company says the placement was heavily oversubscribed from a range of sophisticated and institutional investors.
Chairman David Herlihy says the immediate and positive response from sophisticated and institutional investors is extremely encouraging.
Mosiac says directors of the company have also subscribed to participate in a placement on similar terms.
The funds raised through the placement and a share purchase plan will be used to finance Mosaic Oil’s exploration and development plans with a particular emphasis on drilling new oil wells to maximise liquid hydrocarbon production rates.
Mosaic Oil has posted net profits in the last four years.
