The offer trumped Zijin Mining Group Co., Ltd's (SHA:601899, HKG:2899) current offer of A$0.10 per PXG share,
Conditions of the offer included the spot gold price not falling below A$1,250/oz; Australian Foreign Investment Review Board approval; and completion of the La Mancha transaction.
Shares in PXG last traded at $0.12 while EVN last traded at $1.04.
Evolution is the largest shareholder in PXG with a 19.8% interest.
Earlier this month, Phoenix recommended that shareholders take no action in relation to the Zijin bid, which was unsolicited and included conditions such as Zijin having to acquire 50.1% in PXG.
Phoenix is currently preparing a Target's Statement in relation to the Zijin Offer and have commissioned BDO Corporate Finance to prepare an Independent Expert Report which will be included in the Target's Statement.
It will also provide a formal recommendation to Evolution's offer once it has considered the offer.
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