The company sold 20 million of its 31.7 million shares on Monday, netting it A$34.4 million in proceeds.
It means Alkane is no longer a substantial shareholder in Genesis.
Alkane paid a pre-consolidation price of 3.2c per share, or $6 million, for its initial 15% stake in Genesis in August 2019 and increased its stake in mid-2020 by sub-underwriting a capital raising priced at 4.2c.
Genesis announced a new board, including the appointment of Raleigh Finlayson as managing director, a $20.8 million capital raising and one-for-10 consolidation in September 2021.
Alkane MD Nic Earner stepped down from the Genesis board in November as part of the restructure.
Earner said Alkane was willing to be diluted from 19.8% to 15% and give up its board seat given the more than doubling in the Genesis share price since the news was announced.
“That’s considerable value created for us all should we decide to sell,” he said in November.
Alkane had $41 million in cash and bullion and investments.
Both companies have milestones ahead next month.
Alkane aims to release a maiden resource for its exciting Boda gold-copper porphyry project in New South Wales, while Finlayson will take over from Michael Fowler as MD at the start of next month.
