Argonaut acted as Financial Advisor to Hanking Australia Investment Pty Ltd (“Hanking”), the Australian subsidiary of the Hong Kong listed China Hanking Holdings Limited, on the successful $37.5 million takeover of Primary Gold Limited (“Primary”).
Primary was an ASX listed Australian based gold company with a total Mineral Resource of 2.0Moz at its Mount Bundy Gold Project and Coolgardie Gold Project with significant exploration upside. The takeover of Primary allows Hanking to leverage its deep global experience in the mining industry and its financial capabilities to continue its ongoing strategy of investing in value creation, long-life gold exploration and mining assets.
Hanking’s takeover was structured as an all cash, off-market takeover offer subject to a 50% minimum acceptance condition. The attractively structured offer obtained the upfront support and recommendation of the Primary Board and was well received by existing Primary shareholders with Hanking quickly announcing the compulsory acquisition of Primary having reach a 90% ownership position in little over 2 months.
Argonaut is delighted to have worked with Hanking on the takeover and looks forward to continue to provide Hanking with capital markets support as it continue to progress its corporate objectives.
Additional information regarding Hanking can be found on the company’s website at www.hankingmining.com.