St Barbara (ASX:SBM) to buy Genesis Minerals (ASX:GMD)

1 min read | December 12, 2022 01:33 PM AEDT | By Khushboo Joshi

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St Barbara (ASX:SBM) to buy Genesis Minerals (ASX:GMD) — Image source: © Designer491 | Megapixl.com

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Highlights

St Barbara Limited is buying Genesis Minerals Limited in AU$541.3 million.

The company will be renamed Hoover House Limited.

Genesis will be raising AU$275 million to fund the merged entity.

Gold miners Genesis Minerals Limited (ASX:GMD) and St Barbara Limited (ASX:SBM), on 12 December 2022, announced that they have struck a merger deed to create a mid-tier gold producing firm. The new formed company will be renamed Hoover House Limited, St Barbara informed on Monday.

While Genesis Minerals traded last at AU$1.195 apiece, St Barbara traded last at AU$0.650 per share on the ASX on Monday (12 December 2022).

Key highlights from the merger announcement:

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