GMD agrees to acquire Kin Mining tenements for AU$53.5 million

Genesis Minerals Limited (ASX: GMD) has reached an agreement with Kin Mining NL (ASX: KIN) to acquire tenements housing 610,000 JORC compliant ounces, a significant portion of Kin's Cardinia Gold Project in WA, for a total consideration of AU$53.5 million. The deal involves AU$15 million in cash and 21,917,532 un-escrowed Genesis shares, valued at AU$38.5 million based on a 5-day VWAP.

This implies a transaction value of around AU$88 per resource ounce. In the agreement, Genesis and subsidiaries access some of Kin's tenure for ongoing operations, while Kin retains rights to Kyte and Bruno-Lewis tenements. Following the completion of the sale, Kin will hold 39,192,337 Genesis shares valued at AU$69 million and cash of approximately AU$17 million, resulting in a total of AU$86 million in cash and liquid assets.

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