Investing.com -- Wishbone Gold, a gold miner listed in the U.K. and Australia, announced on Thursday its intent to acquire Evrensel Global Natural Resources (EGNR), a private firm owned by Chairman Anthony Moore.
The proposed acquisition is considered a reverse takeover under the rules of the London Stock Exchange (LON:LSEG).
While the terms of the agreement remain non-binding at this stage, the potential deal would see the ownership of the new entity divided between EGNR and Wishbone Gold shareholders at a ratio of 70% to 30%, respectively.
The company has not released any financial details related to the agreement and has warned that there is no guarantee that the deal will be finalized.
The acquisition is part of a larger restructuring effort by Wishone Gold, which may lead to the disposal of certain assets and the closure of various subsidiaries. The company plans for the combined entity to concentrate primarily on Africa, while retaining Wishbone’s valuable assets in Australia.
Trading of Wishbone’s shares has been temporarily halted due to the nature of the proposed deal, as per standard procedure.
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