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88 Energy takeover offer for XCD Energy goes unconditional

88 Energy Ltd (LON:88E) (ASX:88E) has declared its takeover bid for XCD Energy unconditional and said the offer wont be increased.

Earlier this week, 88 Energy reported that it had received acceptances representing 37.58% of XCDs shares and it now confirms it has passed 59.27%.

The company also noted that XCD shareholders which accepted the offer before it became unconditional will receive accelerated payment, before June 26, whilst subsequent acceptances will be paid within seven days of their acceptance being processed.

It added that once it has received 90% or more, it intends to proceed with compulsory acquisition of outstanding minority shareholdings and options.

READ: 88 Energy takeover target XCD upgrades resource estimates[hhmc]
In a statement, 88 Energy said that “if remaining XCD Energy shareholders and listed options do not accept the offers, and 88 Energy does not reach compulsory acquisition thresholds by the closing date of the offers, they will remain a minority shar..

88 Energy Ltd (LON:88E) (ASX:88E) has declared its takeover bid for XCD Energy unconditional and said the offer wont be increased.

Earlier this week, 88 Energy reported that it had received acceptances representing 37.58% of XCDs shares and it now confirms it has passed 59.27%.

The company also noted that XCD shareholders which accepted the offer before it became unconditional will receive accelerated payment, before June 26, whilst subsequent acceptances will be paid within seven days of their acceptance being processed.

It added that once it has received 90% or more, it intends to proceed with compulsory acquisition of outstanding minority shareholdings and options.

READ: 88 Energy takeover target XCD upgrades resource estimates


In a statement, 88 Energy said that “if remaining XCD Energy shareholders and listed options do not accept the offers, and 88 Energy does not reach compulsory acquisition thresholds by the closing date of the offers, they will remain a minority shareholder in XCD Energy with reduced influence in the running of the business."

“Further, 88 Energy's controlling position may affect the liquidity of the minority holders of securities in XCD Energy. This may increase the difficulty for minority securityholders to sell their XCD Energy shares or listed options at an attractive price,” it added.

88 Energy noted that it would also delist XCD from the ASX, further affecting the liquidity of the remaining shares.

The takeover offer is currently scheduled to close at 7:00pm Sydney time on June 25.

In May, 88 Energy agreed a recommended takeover offer with XCDs board as it improved its offer – to 2.4 new 88 Energy shares per XCD share, and 0.7 shares for every XCD listed share option – giving it a per share value of 1.2 Australian cents, or about A$7.8mln in total.

The all-paper transaction sees the creation of an explorer with a diversified porRead More – Source

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Australia

Alkane Resources meets upgraded FY2020 guidance for Tomingley Gold Operations

Alkane Resources Limited (ASX:ALK) has met the FY2020 gold production guidance of between 30,000 ounces to 35,000 ounces.at its Tomingley Gold Operations in Central West New South Wales.

The operations produced 33,507 ounces of gold for the 12 months to June 30, 2020, with preliminary all in sustaining costs (AISC) of $1357 per ounce produced, which also fell within cost guidance of $1,250 to $1,400 per ounce.

Guidance for the 2020 financial year was upgraded following the September 2019 quarter.

“Great potential”[hhmc]
Alkane managing director Nic Earner said: “The team at Tomingley Gold Operations continues to perform very well, consistently meeting or exceeding guidance.

“With an updated mine plan soon to be released and the great potential being shown very close to the mine, through our exploration at Roswell and San Antonio, we remain buoyant about the longer-term prospects at Tomingley.

“The board and management acknowledge and thank the team at Tomingley for their strong an..

Alkane Resources Limited (ASX:ALK) has met the FY2020 gold production guidance of between 30,000 ounces to 35,000 ounces.at its Tomingley Gold Operations in Central West New South Wales.

The operations produced 33,507 ounces of gold for the 12 months to June 30, 2020, with preliminary all in sustaining costs (AISC) of $1357 per ounce produced, which also fell within cost guidance of $1,250 to $1,400 per ounce.

Guidance for the 2020 financial year was upgraded following the September 2019 quarter.

“Great potential”


Alkane managing director Nic Earner said: “The team at Tomingley Gold Operations continues to perform very well, consistently meeting or exceeding guidance.

“With an updated mine plan soon to be released and the great potential being shown very close to the mine, through our exploration at Roswell and San Antonio, we remain buoyant about the longer-term prospects at Tomingley.

“The board and management acknowledge and thank the team at Tomingley for their strong and continued safety and production performance.”

The updated Tomingley Gold Operations mine plan is undergoing final review and approval and will be released along with FY2021 guidance.

Strong financial position


The strong 12-month performance at Tomingley has coincided with a 25% appreRead More – Source

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Australia

eSense-Lab to break into US market with appointment of distributor for future terpenes-based sanitiser products

eSense-Lab Ltd (ASX:ESE) has initiated its expansion into the worlds largest consumer base for terpenes-based products globally with the appointment of US-based Blue Science Solutions LLC.

The new distributor will provide a cost-effective entry point to the US market via an established supply chain network, plus a viable solution logistically for entry of eSenses terpenes-based products into the worlds largest consumer networks.

Blue Science, an approved supplier to the IBM Rapid Supplier Connect initiative, will receive an arms length standard commission on all sales.

Sales commitments[hhmc]
Under the exclusive sales agency agreement, Blue Science has committed to sales of A$3 million in the first 12 months of the deal to maintain exclusivity.

Assuming the agreement is renewed after the initial 12-month term, Blue Science will source sales for a combined total of A$10 million of products through its network over the first five years of the deal.

If these minimum sales targets are..

eSense-Lab Ltd (ASX:ESE) has initiated its expansion into the worlds largest consumer base for terpenes-based products globally with the appointment of US-based Blue Science Solutions LLC.

The new distributor will provide a cost-effective entry point to the US market via an established supply chain network, plus a viable solution logistically for entry of eSenses terpenes-based products into the worlds largest consumer networks.

Blue Science, an approved supplier to the IBM Rapid Supplier Connect initiative, will receive an arms length standard commission on all sales.

Sales commitments


Under the exclusive sales agency agreement, Blue Science has committed to sales of A$3 million in the first 12 months of the deal to maintain exclusivity.

Assuming the agreement is renewed after the initial 12-month term, Blue Science will source sales for a combined total of A$10 million of products through its network over the first five years of the deal.

If these minimum sales targets are not achieved, the agreement will automatically become non-exclusive.

Blue Science said it was aware that the minimum sales targets were “potentially ambitious targets” but added that Blue Science had generated more than US$2.5 million in revenue in the last financial year and had experienced increased demand in recent months as a result of a global shortage in sanitiser products.

CDIs to be issued


In exchange, eSense will issue 10 million CDIs in the company to Blue Science or its nominees.

The CDIs, which represent around 2% of the issued and outstanding CDIs, will have a deemed issue price of 1 cent each and will be issued from eSenses existing placement capacity.

Blue Science is an established company that uses only natural ingredients to deliver non-toxic, cleaning and disinfecting solutions that has applications across a variety of industries.

It was formed in 2013 by Slade Smith, a registered professional industrial hygienist and an Institute of Inspection, Cleaning and Restoration Certification Master Restorer-accredited scientist with two decades of research and practical experience.

Part of IBM program


As an approved supplier to the IBM Rapid Supplier Connect initiative, Blue Science intends to introduce future products for sale through its supply chains.

This IBM network is designed to provide support for supplier identity using blockchain technology and aims to help buyers in the US and Canadian healthcare and government sectors find supplies and services in an unconventional marketplace with greater efficiency.

In order to be accepted into the IBM network, Blue Science needed to demonstrate to IBM that it recorded revenue in its prior financial year of over US$2.5 million.

Certain products targeted


The agreement covers all terpenes-based products to be developed by eSense, both in conjunction with Blue Science and with other third parties, in the cleaning and disinfecting solutions market.

It is still finalising product formulations which are expected to take two to three months to complete. It expects its firstRead More – Source

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Australia

88 Energy set to move XCD offer to compulsory acquisition

88 Energy Ltd (LON:88E) told investors its offer for XCD Energy has now reached a level that guarantees it will reach the minimum threshold required for compulsory acquisition.

The AIM-quoted Alaska focussed exploration firm said that as a result the offer period will not be extended beyond July 13, at 7:00pm (Sydney).

READ: 88 Energy agrees takeover of XCD Energy[hhmc]
“Those that wish to benefit from the 7 day accelerated payment terms should accept into the offer immediately or risk a delay of up to approximately 50 days to receive the consideration shares under the compulsory acquisition timetable,” 88 Energy said in a statement.

In May, 88 Energy said the combination withRead More – Source

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88 Energy Ltd (LON:88E) told investors its offer for XCD Energy has now reached a level that guarantees it will reach the minimum threshold required for compulsory acquisition.

The AIM-quoted Alaska focussed exploration firm said that as a result the offer period will not be extended beyond July 13, at 7:00pm (Sydney).

READ: 88 Energy agrees takeover of XCD Energy


“Those that wish to benefit from the 7 day accelerated payment terms should accept into the offer immediately or risk a delay of up to approximately 50 days to receive the consideration shares under the compulsory acquisition timetable,” 88 Energy said in a statement.

In May, 88 Energy said the combination withRead More – Source

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