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Magnetic Resources Says Scheme of Arrangement for Acquisition by Genesis Minerals Becomes Effective; Genesis Shares Fall 6%

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Magnetic Resources (ASX:MAU) confirmed that the scheme of arrangement under which Genesis Minerals (ASX:GMD) will acquire 100% of the shares in Magnetic became effective on Wednesday, according to a same-day Australian bourse filing.

Magnetic lodged a copy of the orders made by the Supreme Court of Western Australia approving the scheme with the Australian Securities and Investments Commission, per the filing. Magnetic shares are expected to be suspended from trading on ASX from close of trading on Wednesday.

Magnetic's shares fell nearly 2% in recent trading on Wednesday, while those of Genesis plunged by roughly 6%.

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