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Davos buys Croesus assets

AIM-LISTED Davos Resources Plc last week agreed to pay more than $71 million for the key assets of failed group Croesus Mining NL, whose remnants are also subject to a recapitalisation offer from company rehabilitators Ascent Capital Holdings Pty Ltd. Under the deal struck by administrators Vincent Smith and Bryan Hughes from Pitcher Partners, Davos will pay $66 million in a mixture of cash and shares, as well as assume a $4.8 million liability to the state government to take control of Australia’s longest operating gold mine in Norseman. An $8 million deposit has been paid from the estimated $44 million cash component of the deal, with the balance understood to be convertible notes - though none of the parties would comment on the details of deal until the creditors’ report was distributed.

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