Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Crescent Gold: Focus Minerals holds up to 83.2%, offer extended to mid September

The takeover of Crescent Gold (ASX: CRE, TSE: CRA) by Focus Minerals (ASX: FML) is moving towards a conclusion, with Focus now holding 77.8% of Crescent.

This relevant interest would be further boosted to 83.2% if Focus converted up to $13 million worth of Crescent convertible notes.

To mop up the remaining shares, the offer period has now been extended to Wednesday 14 September.

The Crescent board unanimously recommends the offer in the absence of a superior proposal.

Due to the size of the Focus holding, the company considers it unlikely that a superior proposal will eventuate.

The new Focus Minerals

The transaction will allow Focus to become one of Australia's top five gold producers, with targeted annual production of 230,000 ounces.

The JORC Resource base of the new Focus would be 4.3 million ounces, with strong growth potential across two major Western Australian mining regions.