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Dragon Group in reverse takeover of African mining company for $500 mil in cash and new shares

Michelle Zhu Published on Thu, Oct 19, 2017 / 2:02 PM GMT+8

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SINGAPORE (Oct 19): Mainboard-listed Dragon Group International is diversifying from electronics into mining although investor interest after the announcement remained muted.

It is acquiring a 100% stake in Coeur Gold Armenia (CGA), a precious metal mining company based in the Seychelles, in exchange for $500 million in cash and new shares.

Dragon Group will pay a $200,000 cash deposit along with the issue of 2.5 billion new shares at the price of 20 cents per share, or 88% of its share capital.

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Dragon Group in reverse takeover of African mining company for $500 mil in cash and new shares