Clancy focus turns to Macedonia
3rd Apr 2012
SYDNEY, Apr 3 – Australian-focused explorer Clancy Exploration has lifted its gaze all the way to northeastern Macedonia with an all-scrip off-market offer for Genesis Resources and its early stage Plavica gold-copper project.
Genesis has a 62% interest in a joint venture with Macedonian conglomerate Sileks over the Plavica project, the site of Roman-era gold workings and limited but positive modern era exploration.
Clancy says it will offer shares to the equivalent value of 8c per share to Genesis shareholders, a premium to the 4.5c pro-rata rights issue announced by the target company on March 27. The offer will be conditional on 90% acceptance and available only to Australian shareholders of Genesis.
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