Manhattan Resources

Manhattan Resources: Acquiring Singxin Resources for $1b via an issue of 1,369.9m new shares @ $0.73, which will result in a RTO. Post acquisition, the group will offer a 1-for-1 bonus issue of warrants at an exercise price of $1.00 each. Singxin Resources is in the business of mining serpentine, chrome, nickel and other minerals and holds exploration permits for chrome over 27 sq km in Xinjiang, China. Post acquisition NTA/share will rise to $0.796 from $0.222, assuming all warrants are exercised.