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Evolution Mining Acquires QIC Queensland Critical Minerals Fund's Nearly 14% Stake in Carnaby Resources

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Evolution Mining (ASX:EVN) acquired QIC Queensland Critical Minerals Fund's 13.7% stake in Carnaby Resources (ASX:CNB), or about 37.9 million shares, through the issue of roughly 2.6 million new shares ahead of its proposed takeover, according to a Friday filing with the Australian bourse.

The company planned to acquire 100% of Carnaby through a scheme of arrangement, with Carnaby shareholders receiving 0.0682 new Evolution shares for each Carnaby share held, the filing said.

The Carnaby board recommended that shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert continuing to conclude that the proposal is in their best interests.

Implementation of the scheme is slated for November, per the filing.

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