Genesis Minerals completes AU$275 million conditional placement

St Barbara Limited (ASX: SBM) announced the successful completion of AU$275 million conditional placement by Genesis Minerals (ASX: GMD).

On 12 December 2022, Genesis and St Barbara limited agreed to a merger under which St Barbara will acquire 100% of the shares in Genesis via a Scheme of Arrangement. The merged entity will be renamed to Hoover House Limited.

In this process, Genesis shareholders will obtain 2.0338 new fully paid ordinary shares in St Barbara for each Genesis share held at the Scheme record date. On the other hand, St Barbara will undertake demerger of Atlantic, Simberi and other assets (together with St Barbara’s shares in several ASX-listed entities) to St Barbara shareholders together with the Scheme, to be held in a company to be known as Phoenician Metals Limited.

Now, with the completion of AU$275 million conditional placement by Genesis Minerals, the proceeds will help in the process of merger of St Barbara and Genesis as well as demerger of St Barbara’s non-Leonora assets. Genesis Minerals will also issue of ~229.2 million new Genesis shares.

The settlement of New Genesis Shares under the Placement will depend on the Scheme and Demerger becoming effective, along with Genesis shareholder consent for the purposes of Listing Rule 7.1

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