A few things to note:
For Zijin to get Chinese government funding for the $600 Million mine development, they need 51% of shares at project level. Even if they buy all of the Genorah shares, Zijin will only have around 44%.
Where are they going to get the rest from?
Genorah has run up huge debt over the years. Around $20 Million+ apparently. Now it's a fire sale to Zijin at whatever price.
Takeover can be blocked if you hold at least 10% of the company. I know of 5 parties that hold btw 15-25%.
Up to Zijin whether to waste time and muck around or make a reasonable offer that everyone can walk away with. My previous prediction of 20-35 cents still stands.
Gefi
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