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Alliance fields an offtake offer from Gandel Metals

22nd February 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Alliance Resources has received an off-market takeover bid from shareholder Gandel Metals, which is controlled by Alliance nonexecutive chairperson Ian Gandel.

Gandel Metals is offering Alliance 18c a share for all of the outstanding shares in the company.

Alliance told shareholders on Tuesday that the company’s board, excluding Gandel, was considering the proposal and would keep shareholders informed regarding a formal recommendation.

Meanwhile, Alliance has extended the closing date for its entitlement offer until February 25. The company is hoping to raise up to A$3.38-million in the entitlement offer, which is priced at 13c a share.

Alliance owns the Wilcherry gold/iron project, in South Australia, as well as the Nepean gold project, in Western Australia.

Edited by Creamer Media Reporter

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