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

Gold One International: BCX Gold exceeds target minimum 60% stake

Gold One International (ASX: GDO, JSE: GDO) shareholders, at the eleventh hour, have assisted Chinese consortium BCX Gold in gaining its minimum 60% stake plus a bit more with further acceptances of the A$0.55 per share cash takeover offer.

BCX Gold now holds a 66.74% stake in Gold One with the deadline for acceptance of the offer, which comprises a series of interdependent transactions, tomorrow Thursday 15 December 2011.

Importantly, the deal with BCX will provide Gold One with a A$150 million funding injection which is a major springboard for the development of the company.

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.