Latest news with #GanbayarLkhagvasuren
Hamilton Spectator
30-07-2025
- Business
- Hamilton Spectator
Quarterly Activities Report
for the three months ended 30 June 2025 (figures are unaudited and in A$ except where stated) TORONTO, July 29, 2025 (GLOBE NEWSWIRE) — June 2025 Quarter During the Quarter ending 30 June 2025 (June Quarter), Xanadu Mines Ltd (Xanadu or the Company) focused on strategic funding options to progress the Kharmagtai Copper and Gold Project (Kharmagtai). This resulted in an off-market takeover bid from Bastion Mining Pty Ltd (Bastion), which the Board recommended to shareholders. At the time of this report, Bastion has acquired a relevant interest exceeding 90% of Xanadu shares and issued a Notice of Compulsory Acquisition for all remaining shares outstanding1. Key Highlights: Executive Chairman & Managing Director, Colin Moorhead, said: 'The transaction with Bastion is an important milestone on the journey for both the Kharmagtai Project and for Xanadu. This event also successfully concludes the company strategy to deliver a liquidity event for Xanadu shareholders to unlock value from the Kharmagtai discovery. Given the scale and complexity of the project, the challenging jurisdiction, and the added complexity of a 50:50 JV with a Chinese partner, I am very proud of this achievement and thank the team for their efforts, and shareholders for their support. Looking forward, I expect Kharmagtai to be the next major mine to be built in Mongolia and an important producer of copper to the world. We wish Bastion and Zijin both success in moving this project rapidly to production.' Corporate Transaction On 7 April 2025, the Company undertook an exclusivity arrangement with its major shareholder and joint venture partner Zijin Mining Group Co. Ltd (Zijin), to allow the parties to discuss a range of potential corporate transactions11. This arrangement also extended the term of the potential option to allow the Company to dispose of a 25% interest in Khuiten Metals Pte Ltd (25% Put Option). Following substantive discussions with Zijin, on 5 May 2025 Xanadu reported that the parties had been unable to finalise a control transaction within the exclusivity period and that the Company would recommence discussions with other interested parties12. The 25% Put Option was subsequently withdrawn from the resolutions at the proposed Extraordinary General Meeting (EGM) scheduled for 4 June 2025 and the meeting was cancelled13. On 19 May 2025, the Company announced that it had entered into a Bid Implementation Agreement with Bastion Mining Pte Ltd (Bastion) under which Bastion made an off-market takeover offer to acquire all the fully paid, ordinary shares issued in Xanadu (Xanadu Shares) which Bastion did not already own, at a price of A$0.08 cash per Xanadu Share (Offer) 14 15 16 17 18 19. The Offer was made by Bastion, which represents a consortium of Boroo Pte Ltd (Boroo) and Xanadu Director Ganbayar Lkhagvasuren (together, the Bid Sponsors). Boroo is a private Singapore-incorporated entity which invests in major gold projects internationally. Boroo key assets include Lagunas Norte, a producing gold mine in Peru and a portfolio of development-stage projects in South America. Boroo has guaranteed Bastion's obligations as bidder under the Bid Implementation Agreement. In the Bastion Bidders Statement20, the bidder cited the significant premium to historic market prices for Xanadu shares and the substantial value of the offer at A$160 million for Xanadu Mines, at the high end of the valuation prepared by BDO. The Bidders Statement also noted the removal of exposure to risks associated to being invested in a Company with a non-operating minority join partner, and associated development risks. Xanadu's Takeover Board Committee21, together with Xanadu's legal and financial advisers, carefully considered the Offer. The Takeover Board Committee Directors unanimously recommended that Xanadu shareholders ACCEPT the Offer in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Offer is fair and reasonable. The Board noted in its Target's Statement22 that Bastion's Offer has been made following the hard work and success of the Xanadu team in advancing the Kharmagtai Copper-Gold Project (Kharmagtai) over the last 5 years. The release of the Pre-Feasibility Study (PFS) in October 2024 and declaration of a maiden ore reserve was a significant milestone for the Company and confirmed the potential of Kharmagtai as a globally significant, long life, low cost and low risk future copper-gold mine. As the next step for Xanadu, through its Bidder's Statement, Bastion indicated an intent to delist Xanadu from both ASX and TSX exchanges should it reach a relevant interest of more than 75%. Bastion further indicated its intent to acquire all remaining shares in Xanadu via compulsory acquisition, should it reach an interest of more than 90%. As the next phase for Kharmagtai is to secure the project's permitting and Mongolian investment agreement pathway. In that regard, Boroo's considerable in-country experience will be invaluable for driving the engagement process, making Bastion a natural choice as the new owner of Xanadu and partner to Zijin Mining Group Co. Ltd (Zijin). With Zijin now responsible for the operatorship of Kharmagtai and, recognising Xanadu's profile as an exploration-focused company with limited balance sheet strength to fund its share of the very significant capital required to progress development of the project, the Takeover Board Committee noted that it considers that now is the appropriate time to provide a liquidity event for Xanadu Shareholders. Subsequent to the quarter, Bastion gave notice that it had extended its Offer23 to now close at 7pm Sydney time on 5 August 2025 (unless further extended or withdrawn). The Takeover Board Committee reiterated its unanimous recommendation that Xanadu Shareholders ACCEPT the Offer as soon as practicable (in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the Offer is fair and reasonable). This recommendation outlined the potential risks to liquidity and value of shares held if the Offer closes and Bastion is not entitled to proceed to the compulsory acquisition. On 25 July, Bastion announced that following acceptances of its Offer to date, it held relevant interest greater than 90% of Xanadu shares and issued a Notice of Compulsory Acquisition for the remaining shares outstanding24. Operations During the quarter, Xanadu maintained its three projects at operational care & maintenance status, which included Kharmagtai (operated by Zijin), the Red Mountain Copper-Gold Project, and the Sant Tolgoi Copper-Nickel Project. At Kharmagtai, technical discussions continued in preparation for the Bankable Feasibility Study (BFS), and both local community and regulatory engagement programs continued as planned. No exploration activity was undertaken during the quarter. Figure 1: Location of Xanadu Projects in Mongolia Financial and Corporate Capital Structure On 30 June 2025, the Company had 2,291,211,189 fully paid ordinary shares on issue and approximately A$18.532 million in cash. During the Quarter, the Company advised that 92,184,000 fully paid ordinary shares were issued to exercising option holders or their nominees following a Change of Control event which resulted in the waiving of all Vesting and Restriction conditions in accordance with the terms of the options issue25. Equity Funding Arrangements To assist Xanadu in meeting its corporate and joint venture funding obligations during the Offer period, Bastion and Xanadu entered into a share subscription agreement under which Bastion agreed to subscribe for 286,829,633 Xanadu Shares at an issue price of A$0.06 per share.26 The issue of the Subscription Shares took place on 26 May 2025 and were issued under Xanadu's available placement capacity pursuant to ASX Listing Rule 7.1.27 Xanadu received a cash sum of A$17.2 million for the Subscription Shares; and immediately following settlement, Bastion held a relevant interest in 13.04% of Xanadu Shares. Shareholder Meetings An Extraordinary General Meeting (EGM) was scheduled for 11 April 2025 to vote on the exercise of the 25% put option in respect of Khuiten Metals Pte Ltd and to ratify prior issue of shares. The put option resolution was withdrawn after announcement of exclusivity arrangements with Zijin and extension of the put option exercise period.28 The Annual General Meeting (AGM) was held on 22 May 2025, with all resolutions approved by shareholders.29 A second EGM was scheduled for 4 June 2025 to vote on the 25% put option, after conclusion of the exclusivity period with Zijin. This resolution was withdrawn and the EGM was cancelled after completion of the equity placement to Bastion and commencement of the off-market takeover bid period.30 Director Resignation Subsequent to the Quarter and following sale of Zijin shares into the Offer, Zijin's nominee Shaoyang Shen resigned from the Board of Xanadu.31 Note that Zijin retains its 50% shareholding in the Khuiten Metals Pte Ltd, the entity which controls Kharmagtai. ASX Announcements This June 2025 Quarterly Activities Report does not contain any information reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012). About Xanadu Mines Xanadu is an ASX and TSX listed Exploration company operating in Mongolia. We give investors exposure to globally significant, large-scale copper-gold discoveries and low-cost inventory growth. Xanadu maintains a portfolio of exploration projects and remains one of the few junior explorers on the ASX or TSX who jointly control a globally significant copper-gold deposit in our flagship Kharmagtai project. For further information on Xanadu, please visit: or contact: This Announcement was authorised for release by Xanadu's Board of Directors. APPENDIX 1: STATEMENTS AND DISCLAIMERS MINERAL RESOURCES AND ORE RESERVES REPORTING REQUIREMENTS The JORC Code, 2012 sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. The Information contained in this Announcement has been presented in accordance with the JORC Code, 2012. MINERAL RESOURCES AND ORE RESERVES Mineral Resource Estimates for Kharmagtai were updated during the September 2024 Quarter – please refer to the relevant ASX/TSX Announcement for details32 A Maiden Ore Reserve Estimate was reported in the same Announcement. MINING ACTIVITIES There were no mine production or development activities during the June 2025 Quarter. LIST OF TENEMENTS Xanadu held licenses for the following tenements during the June 2025 Quarter. No new farm-in or farm-out agreements were entered into during the quarter. COMPETENT PERSON STATEMENTS The information in this announcement that relates to Mineral Resources is based on information compiled by Mr Robert Spiers, who is responsible for the Mineral Resource Estimate. Mr Spiers is a full time Principal Geologist employed by Spiers Geological Consultants (SGC) and is a Member of the Australian Institute of Geoscientists. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 and as a Competent Person under JORC Code, 2012. Mr Spiers consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. The information in this announcement that relates to exploration results is based on information compiled by Dr Andrew Stewart, who is responsible for the exploration data, comments on exploration target sizes, QA/QC and geological interpretation and information. Australasian Institute of Geoscientists and is a Member of the Australasian Institute of Geoscientists, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the Competent Person as defined in the JORC Code, 2012 and the National Instrument 43-101 . Dr Stewart consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. RELATED PARTIES As set out in section 6.1 of the attached Appendix 5B, Mining exploration entity or oil and gas exploration entity quarterly cash flow report , payments made to related parties and their associates was approx. $844,173 in the June 2025 Quarter. The amounts relate to salary, superannuation and bonus payments to Directors; legal fees paid to HopgoodGanim Lawyers (a company associated with Xanadu Non-Executive Director Michele Muscillo) for legal services including support to the merger & acquisition activity; rent paid to Xanadu Executive Director Ganbayar Lkhagvasuren in relation to Xanadu's Ulaanbaatar office; and rent fees paid to Colin Moorhead & Associates (a company associated with Xanadu's Executive Chairman and Managing Director, Colin Moorhead) in relation to a share of Xanadu's Melbourne office. COPPER EQUIVALENT CALCULATIONS The copper equivalent (eCu, CuEq) calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage with a metallurgical recovery factor applied. Copper equivalent grade values were calculated using the formula: CuEq = Cu + Au * 0.60049 * 0.86667. Where Cu - copper grade (%); Au - gold grade (g/t); 0.60049 - conversion factor (gold to copper); 0.86667 - relative recovery of gold to copper (86.67%). The copper equivalent formula was based on the following parameters (prices are in USD): Copper price 3.4 $/lb; Gold price 1400 $/oz; Copper recovery 90%; Gold recovery 78%; Relative recovery of gold to copper = 78% / 90% = 86.67%. FORWARD‐LOOKING STATEMENTS Certain statements contained in this Announcement, including information as to the future financial or operating performance of Xanadu and its projects may also include statements which are 'forward‐looking statements' that may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These 'forward-looking statements' are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Xanadu, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements. Xanadu disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether a result of new information, future events, circumstances or results or otherwise after the date of this Announcement or to reflect the occurrence of unanticipated events, other than required by the Corporations Act 2001 (Cth) and the Listing Rules of the Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX). The words 'believe', 'expect', 'anticipate', 'indicate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward‐looking statements. All 'forward‐looking statements' made in this Announcement are qualified by the foregoing cautionary statements. Investors are cautioned that 'forward‐looking statements' are not guarantee of future performance and accordingly investors are cautioned not to put undue reliance on 'forward‐looking statements' due to the inherent uncertainty therein. For further information, please visit the Xanadu Mines web site . Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 29 July 2025 Authorised by the Board (Name of body or officer authorising release – see note 4) 1 ASX/TSX Announcement 25 July 2025 – Notice of Compulsory Acquisition 2 ASX/TSX Announcement 7 April 2025 – EGM Update, Exclusivity Arrangements with Zijin 3 ASX/TSX Announcement 5 May 2025 – Update to Zijin Put Option and Exclusivity Arrangements 4 ASX/TSX Announcement 19 May 2025 – Recommended A$0.08 Per Share Cash Offer 5 ASX/TSX Announcement 26 May 2025 – Withdrawal of Put Option and Cancellation of EGM 6 ASX/TSX Announcement 24 June 2025 – Takeover Offer for Xanadu Declared Unconditional 7 ASX/TSX Announcement 8 July 2025 – Acceptance Update 8 ASX/TSX Announcement 25 July 2025 – Notice of Compulsory Acquisition 9 ASX/TSX Announcement 24 July 2025 – Takeover Offer for Xanadu – Extension of the Offer Period 10 ASX/TSX Announcement 11 July 2025 – Non-Executive Director Resignation Shaoyang Shen 11 ASX/TSX Announcement 7 April 2025 – EGM Update – Exclusivity Arrangements with Zijin 12 ASX/TSX Announcement 5 May 2025 – Update to Zijin Put Option and Exclusivity Arrangements 13 ASX/TSX Announcement 26 May 2025 - Withdrawal of Put Option Resolution and Cancellation of EGM 14 ASX/TSX Announcement 19 May 2025 – Recommended A$0.08 Per Share Cash Offer 15 ASX/TSX Announcement 27 May 2025 – Bidder's Statement – Bastion Mining Pte Ltd 16 ASX/TSX Announcement 27 May 2025 – Target's Statement – Accept Bastion Takeover Offer 17 ASX/TSX Announcement 17 June 2025 – Material Update on Off-Market Takeover Offer – Acceptance by Zijin Mining Group 18 ASX/TSX Announcement 24 June 2025 – Takeover Offer for Xanadu declared Unconditional 19 ASX/TSX Announcement 24 June 2025 – Supplementary Target's Statement 20 ASX/TSX Announcement 27 May 2025 – Bidder's Statement – Bstion Mining Pte Ltd 21 The Takeover Board Committee comprises all Xanadu Directors as at the date of this announcement other than Ganbayar Lkhagvasuren and Zijin's representative, Shaoyang Shen. 22 ASX/TSX Announcement 27 May 2025 – Target's Statement – Accept Bastion Takeover Offer 23 ASX/TSX Announcement 24 July 2025 – Takeover Offer for Xanadu – Extension of the Offer Period 24 ASX/TSX Announcement 25 July 2025 – Notice of Compulsory Acquisition 25 ASX/TSX Announcement 20 May 2025 – Cleansing Notice 26 ASX/TSX Announcement 19 May 2025 – Recommended A$0.08 per share cash offer 27 ASX/TSX Announcement 26 May 2025 – Application for Quotation of Securities 28 ASX/TSX Announcement 7 April 2025 – Update on Extraordinary General Meeting – Extension of Zijin Put Option and Exclusivity Arrangements 29 ASX/TSX Announcement 22 May 2025 – Results of Annual General Meeting 30 ASX/TSX Announcement 26 May 2025 – Withdrawal of Put Option Resolution and Cancellation of EGM 31 ASX/TSX Announcement 11 July 2025 – Non-Executive Director Resignation Shaoyang Shen 32 ASX/TSX Announcement 14 October 2024 – Kharmagtai Maiden Ore Reserve, Updated Mineral Resource 33 Currently earning into 51% equity in Sant Tolgoi project by spending US$1M over 24 months commencing 22 January 2024 34 ASX/TSX Announcement 22 January 2024 – Xanadu Enters into New Magmatic Copper and Nickel Sulphide Project 35 38.25% represents 50% of Khuiten Metals via the Khuiten JV with Zijin. Khuiten Metals controls Kharmagtai and holds 76.5% of the Kharmagtai mining lease. A photo accompanying this announcement is available at .
West Australian
24-06-2025
- Business
- West Australian
Singapore-based Bastion Mining wins Xanadu copper-gold treasure
Singapore mining entity Bastion Mining has declared victory in its battle for control of ASX-listed Xanadu Mines, announcing its off-market takeover bid is now unconditional after it secured a 55.65 per cent stake in the Mongolian-focused copper and gold explorer. Bastion committed to declaring the bid unconditional when it hit the 50.1 per cent shareholding threshold to secure majority control. The company quickly accumulated the required shares after tabling its bid for Xanadu in mid-May, with an 8 cents per share offer. After revealing last week that Chinese mining giant Zijin Mining - a 15.7 per cent shareholder in Xanadu – had accepted Bastion's offer for its Xanadu holdings, it was a lay down misère that the takeover would succeed. Zijin, happy to seize the cash on offer, is also Xanadu's 50:50 joint venture partner in the company's flagship Kharmagtai copper-gold project in Mongolia – a stake it plans to retain. Bastion is controlled by 75 per cent owner, Singapore-based investment outfit Boroo Pte Ltd and 25 per cent stakeholder Ganbayar Lkhagvasuren, a current Xanadu director. Bastion pounced on Xanadu after a planned control deal with Zijin Mining petered out on an exclusivity period the two companies had been using to hammer out terms. Following Zijin's acceptance, Xanadu's independent takeover board committee quickly reaffirmed its recommendation that shareholders accept the Bastion offer without delay, if no superior bid emerged. The flagship Kharmagtai copper-gold project in Mongolia's South Gobi region no doubt caught Bastion's eyes. The eyebrow-raising resource clocks in at a sensational 730 million tonnes of ore containing 1.6Mt of copper and 4 million ounces of gold. A recent feasibility study slapped a lofty US$ 930 million (A$1.43 billion) net present value on Kharmagtai, based on a capital investment of US$890 million (A$1.36 billion). The project is tipped to churn out a mouthwatering 80,000t of copper and 170,000 ounces of gold a year, with an impressive operating cost of just 70 cents per pound copper. The numbers get the thumbs up, with Kharmagtai expected to pay for itself in four years and continue raining cash for almost three decades. It has a projected EBITDA of US$293 million (A$450 million) a year, a nice earn for any companies lucky enough to possess an in-demand project. With the ownership issue now resolved, it's time to 'let the games begin' to develop Kharmagtai's copper and gold riches. Is your ASX-listed company doing something interesting? Contact:
West Australian
17-06-2025
- Business
- West Australian
Bastion wins Zijin backing for Xanadu bid in takeover twist
The takeover battle for ASX and Toronto-listed junior Xanadu Mines has been thrown into overdrive after Chinese mining giant Zijin Mining - a 15.7 per cent shareholder in Xanadu - accepted Bastion Mining's 8 cents-a-share off-market offer. Zijin is also Xanadu's 50:50 joint venture partner in the company's flagship Kharmagtai copper-gold project in Mongolia – a stake it will retain. Zijin's move to accept the bid for all of its Xanadu shares has significantly bolstered Bastion's hand. It now holds a 29.67 per cent relevant interest in Xanadu, thanks to a combination of its existing 12.5 per cent stake and acceptances received to date. Backed by Singapore-based investment outfit Boroo Pte Ltd and current Xanadu director Ganbayar Lkhagvasuren, Bastion tabled its bid for Xanadu in mid-May. The proposal came hot on the heels of a fizzled control deal with Zijin Mining. After the clock ran out on an exclusivity period the two companies had been using to hammer out terms, Bastion pounced. The endorsement by Xanadu's biggest shareholder and key joint venture partner would appear to leave little doubt about which way the wind is blowing. Following Zijin's acceptance, Xanadu's independent takeover board committee quickly stepped up to reaffirm its recommendation that shareholders accept the Bastion offer without delay, so long as no superior bid emerges. The takeover offer is set to close on July 1, unless it is extended. Bastion has committed to declaring the bid unconditional when it hits the 50.1 per cent shareholding threshold to secure majority control. The flagship Kharmagtai copper-gold project in Mongolia's South Gobi region is at the heart of the Xanadu story. The scale of the resource is eye-watering, with 730 million tonnes of ore containing 1.6 million tonnes of copper and 4 million ounces of gold. A recent feasibility study slapped a hefty US$930M (A$1.43B) net present value on Kharmagtai, based on a capital investment of US$890M (A$1.36B). The project is tipped to pump out 80,000t of copper and 170,000 ounces of gold a year, with a razor-sharp operating cost of just 70 cents per pound copper. The numbers stack up fast, with Kharmagtai expected to pay for itself in four years and keep the cash flowing for almost three decades. It has a projected EBITDA of US$293 million (A$450 million) a year. A last-minute twist in the story for control of the monster Mongolian project is always possible, but Xanadu's independent directors say punters holding out for a white knight may be out of luck, with a higher bid now looking unlikely. With Zijin backing the play and the deal now appearing to be all done bar the shouting, Bastion is looking well placed to walk away with the prize. Is your ASX-listed company doing something interesting? Contact:
Cision Canada
30-05-2025
- Business
- Cision Canada
Bastion Mining Pte. Ltd. Acquires Ordinary Shares of Xanadu Mines Limited
SINGAPORE, May 29, 2025 /CNW/ - This news release is issued by Bastion Mining Pte. Ltd. (" Bastion") pursuant to the early warning requirements of Canada's National Instrument 62-104 and National Instrument 62-103 with respect to ordinary shares of Xanadu Mines Limited (the " Issuer"). Bastion announces that it has completed an arm's length private placement financing with the Issuer for A$17.2 million (the " Financing"). Pursuant to the Financing, Bastion was issued 286,829,633 ordinary shares of the Issuer (each, an " Ordinary Share") at an issuance price of A$0.06 per Ordinary Share. The Financing was completed in connection with an off-market bid publicly announced by Bastion on May 19, 2025 under Chapter 6 of the Corporations Act 2001 (Cth) (Australia) to acquire all of the Ordinary Shares in Xanadu (the " Offer") for the purposes of assisting the Issuer with meeting its corporate and joint venture funding obligations during the Offer period. Subject to the terms of the Offer, Xanadu shareholders will receive A$0.08 cash for each Ordinary Share in Xanadu held by Xanadu shareholders as at 7:00 p.m. (Australian Eastern Standard Time) on May 26, 2025. The Offer opened on May 28, 2025 and is scheduled to close at 7:00 p.m. (Australian Eastern Standard Time) on July 1, 2025 unless extended or withdrawn. Immediately prior to the Financing, Bastion had beneficial ownership and control over nil Ordinary Shares of the Issuer. Upon completion of the Financing, Bastion acquired beneficial ownership and control over 286,829,633 Ordinary Shares representing approximately 12.52% of the issued and outstanding Ordinary Shares of the Issuer on completion (on a non-diluted basis). Bastion acquired the Ordinary Shares for investment purposes. Bastion is controlled by Boroo Pte Ltd. (" Boroo") who holds 75% of Bastion's issued ordinary share capital. Boroo is a private Singapore-incorporated entity which invests in major gold projects internationally. The remaining non-controlling 25% of Bastion's issued ordinary share capital is held by the Issuer's director Ganbayar Lkhagvasuren. For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial and territorial securities legislation in connection with the Financing, please go to the Issuer's profile on the SEDAR+ website ( or contact Phillip Tan at [email protected]. Bastion has its registered office at 9 Straits View, #05-09, Marina One West Tower, Singapore, 018937.
Yahoo
30-05-2025
- Business
- Yahoo
Bastion Mining Pte. Ltd. Acquires Ordinary Shares of Xanadu Mines Limited
SINGAPORE, May 29, 2025 /CNW/ - This news release is issued by Bastion Mining Pte. Ltd. ("Bastion") pursuant to the early warning requirements of Canada's National Instrument 62-104 and National Instrument 62-103 with respect to ordinary shares of Xanadu Mines Limited (the "Issuer"). Bastion announces that it has completed an arm's length private placement financing with the Issuer for A$17.2 million (the "Financing"). Pursuant to the Financing, Bastion was issued 286,829,633 ordinary shares of the Issuer (each, an "Ordinary Share") at an issuance price of A$0.06 per Ordinary Share. The Financing was completed in connection with an off-market bid publicly announced by Bastion on May 19, 2025 under Chapter 6 of the Corporations Act 2001 (Cth) (Australia) to acquire all of the Ordinary Shares in Xanadu (the "Offer") for the purposes of assisting the Issuer with meeting its corporate and joint venture funding obligations during the Offer period. Subject to the terms of the Offer, Xanadu shareholders will receive A$0.08 cash for each Ordinary Share in Xanadu held by Xanadu shareholders as at 7:00 p.m. (Australian Eastern Standard Time) on May 26, 2025. The Offer opened on May 28, 2025 and is scheduled to close at 7:00 p.m. (Australian Eastern Standard Time) on July 1, 2025 unless extended or withdrawn. Immediately prior to the Financing, Bastion had beneficial ownership and control over nil Ordinary Shares of the Issuer. Upon completion of the Financing, Bastion acquired beneficial ownership and control over 286,829,633 Ordinary Shares representing approximately 12.52% of the issued and outstanding Ordinary Shares of the Issuer on completion (on a non-diluted basis). Bastion acquired the Ordinary Shares for investment purposes. Bastion is controlled by Boroo Pte Ltd. ("Boroo") who holds 75% of Bastion's issued ordinary share capital. Boroo is a private Singapore-incorporated entity which invests in major gold projects internationally. The remaining non-controlling 25% of Bastion's issued ordinary share capital is held by the Issuer's director Ganbayar Lkhagvasuren. For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial and territorial securities legislation in connection with the Financing, please go to the Issuer's profile on the SEDAR+ website ( or contact Phillip Tan at Bastion has its registered office at 9 Straits View, #05-09, Marina One West Tower, Singapore, 018937. SOURCE Bastion Mining Pte. Ltd. View original content: Sign in to access your portfolio
