Blumont

Blumont: According to a BT article, group yesterday made an offer for Australia-listed mineral exploration and development company Genesis Resources at an implied bid price of A$0.169 per share, which represents a whopping 87.78% premium over Genesis' closing share price on Thursday. To pay, Blumont will be issuing 5.3 new shares at S$0.0719 apiece for every two Genesis shares. This is a 1.27% premium over its closing share price on Thursday. Genesis's core asset is the right to a majority stake in the highly prospective gold-silver-copper project, located in Plavica, Macedonia, within the Carpathian Volcanic Arc, a major epithermal province running through Eastern Europe. Purchase consideration for Genesis Resources adds up to ~$36.6m, or 19% of Blumont's current mkt cap of $186m.