According to Zhitong Finance App, China's Hanwang (03788) announced that the Group plans to make a cash offer to acquire Australian listed company PRIMARY GOLD and provide it with an unsecured loan of 1.5 million Australian dollars (same unit). Among them, Hanwang Australia Investment proposed to buy all Primary Gold shares at a cash price of 0.0575 Australian dollars per share, a 47.3% premium over 0.039 Australian dollars per share on February 16.

Assuming that all unlisted options are exercised and all offers are accepted, the total offer price to be paid by the company is 34.5 million Australian dollars.

According to the announcement, China's Han Wang currently owns 8.4% of Primary Gold's shares. Primary Gold is an Australian listed gold company. The company's assets include the Coolgardie gold project in Western Australia and the Mt Bundy gold project in the Northern Territory. Both projects are in the exploration and project development phase, with Mt Bundy's Toms Gully mine having selected plants in a state of maintenance and care.

As at June 30, 2017, Primary Gold shareholders owe net assets of $27.7 million. Primary Gold lost $1,358,700 after tax for the year ended June 30, 2017.

China's Han Wang said the offer is in line with the company's long-term strategic vision of establishing a sustainable gold business in Australia. Through technical and financial support, the company is in a position to maximize the potential of the Primary Gold project.