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

Gold One International: Chinese consortium has almost secured target minimum 60% stake

Gold One International (ASX: GDO, JSE: GDO) shareholders continue to accept the A$0.55 per share cash takeover offer by BCX Gold, a consortium of Chinese investors, at speed - with the consortium now holding an interest of over 59%.

This places the consortium just shy of the target minimum 60% stake, with the offer in total a very interesting one and comprises a series of interdependent transactions.

This includes the cash offer and a minimum A$150 million capital injection into the company by the consortium - which is seeking to become the major shareholder and long term strategic partner.

The funding boost will provide a major springboard for the development of the company.

The deadline for acceptance is Thursday 15 December 2011 deadline, with parties accepting the offer to be paid the consideration on Friday 23 December.

Gold One production ramps up

In recent news, Gold One continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.

Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.