JOHANNESBURG (miningweekly.com) – ASX- and Aim-listed platinum producer Sylvania Resources on Thursday said that its stake in SA Metals had increased to 62,22%.

The company’s share in Great Australian stood at 21,53%, it said.

Sylvania is offering SA Metals shareholders one of its own shares for every ten SA Metals shares. The offer represented a premium of 120% to the pre-announcement price of SA Metals shares, which had been estimated at A$0,045.

For Great Australian Resources, Sylvania is offering one of its own shares for every 12 Great Australian Resources shares. The offer represented an implied value of about A$0,0825 for each Great Australian share and a premium of 68% to the pre-announcement price of Great Australian shares.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.