JOHANNESBURG (miningweekly.com) – ASX-listed Marindi Metals is considering its options after its offer to acquire Rox Resources’ 49% stake in the Reward zinc/lead joint venture (JV) project, in the Northern Territory, lapsed on Tuesday evening.
The initial unsolicited August 5 offer was placed on the clock on Tuesday after Marindi issued a deadline of Tuesday close of business for Rox to enter into a binding agreement.
The offer was for $16-million – $6-million cash and $10-million in Marindi securities, issued in two tranches – surpassing the current suitor’s offer of $2-million in cash and $12.8-million shares for the interest in the JV
Rox currently held an exclusivity agreement, expiring August 17, with IM Medical.
ASX-listed Rox said at the time of the time-sensitive offer by Marindi that legal and financial consultants were assessing the offer; however, Marindi lifted its trading halt on Wednesday, stating that it was consulting its own advisers on its position, as no formal response had been received from Rox by the close of the offer.