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Alliance Resources' takeover hits major milestone

12th May 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Suitor Gandel Metals on Thursday announced that it has secured at least a 90% interest in takeover target Alliance Resources.

Alliance Resources earlier this month urged shareholders to accept the 18c a share cash takeover offer from Gandel, in the absence of a superior offer.

At the time of launching the takeover offer, Gandel held a 72% interest in Alliance.

The takeover offer is expected to close on June 6.

Alliance holds the Wilcherry multi-metals project, in South Australia, which includes the Weednanna gold/iron deposit, which is estimated to host some 152 000 oz of gold and 1.15-million tonnes of iron resource.

Edited by Creamer Media Reporter

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