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Raleigh Finlayson says Saracen will retain ongoing exposure to the asset through its shareholding in Red 5. Photo: Attila Csaszar

Red 5 buys two gold mines

Red 5 has struck agreements to buy Gold Fields' Darlot mine and Saracen Mineral Holdings' King of the Hills mine for a combined $34 million in cash and shares.

Saracen told the market this afternoon it had received $7 million in up-front cash and 90 million Red 5 shares in exchange for the asset, plus a further $4.5 million in either cash or shares.

As part of the deal, Saracen will sub-underwrite $1.5 million out of a $12.7 million rights issue that Red 5 is undertaking. South African miner Gold Fields is underwriting $8.5 million of the raising. It will be priced at 5 cents a share.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/09/17

1 year TSR5 year TSR
thWestgold Resources0%0%
284thGold Road Resources14%38%
426thSaracen Mineral Holdings-9%22%
493rdIndependence Group-17%-3%
617thPerseus Mining-39%-35%
719 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

25/08/17
$4.6m Sold
02/08/17
$0 Bought
02/08/17
$0 Other
Total value as at the date of the transaction
Source: Morningstar

Revenue

11th-Westgold Resources$438.5m
12th↓Independence Group$424.1m
13th↑Saracen Mineral Holdings$423.2m
14th↑Gold Road Resources$326.6m
15th↓Perseus Mining$289.3m
489 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Saracen Mineral Holdings

10thRaleigh Finlayson$3.222m
320thDaniel Howe$428k
348thTroy Irvin$404k
Ranked by total remuneration from all listed WA companies

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