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First Au Agrees to Acquire Javelin Minerals in All-Scrip Deal; Javelin Shares Surge 22%

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First AU (ASX:FAU) struck a binding deal to acquire Javelin Minerals (ASX:JAV) through an off-market, all-scrip takeover offer, according to a Wednesday filing with the Australian bourse.

Javelin shareholders will be offered 11.7647 new First Au shares for each Javelin share held, but if First AU's proposed 20:1 capital consolidation takes effect, the exchange ratio will adjust to 0.5882 First AU shares.

Javelin shareholders will hold about 48.7% of First AU following a full acquisition, the company said.

The deal will combine First Au's Riverina East and Gimlet gold projects with Javelin's Eureka and Coogee gold operations, which are all located in the Eastern Goldfields region of Western Australia. Together, the reported mineral resources for Gimlet, Eureka, and Coogee total about 350,600 ounces of gold.

The share offer is subject to conditions including a 50.1% minimum acceptance.

First AU shares fell 8% in recent Wednesday trade, while shares of Javelin Minerals surged 22%.

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