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Phoenix Gold: Evolution Mining Closes In On 80% Stake

Phoenix Gold's (ASX:PXG) shares are now 79.87% held by Evolution Mining (NYSE:EVN), as Phoenix shareholders continue to accept the Evolution offer.

At a 90% holding Evolution can then move to compulsory acquisition of all remaining Phoenix shares.

All Phoenix directors have unanimously recommended the offer.

Phoenix's gold assets

The company has an extensive land holding on the Zuleika and Kunanalling shear zones northwest of Kalgoorlie in Western Australia, home to some of Australia's richest gold deposits.

Phoenix has total resources of over 4 million ounces.

Details of the offer

Phoenix shareholders will receive 0.06 Evolution shares and A$0.06 cash for each Phoenix share.

Upon Evolution obtaining a relevant interest in 90% of Phoenix shares, Phoenix shareholders, including those that have already accepted the offer at any time previously, will be entitled to receive an additional 0.75 cents for each Phoenix Share they hold.

This makes the aggregate consideration 0.06 Evolution shares and A$0.0675 cash for each Phoenix share.

The offer was declared unconditional on 16 October 2015.

Phoenix shareholders who accept the offer will be paid their offer consideration around 14 days after they accept.

The offer is currently scheduled to close at 7.00pm AEST on 15 December 2015.

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