Hammer confirms early takeover offer from Austral amid existing Larvotto offer
ASX-listed Hammer Metals has received a takeover offer from Austral Resources amid an existing offer having been made by Larvotto Resources.
Larvotto intends to acquire all of the shares of Hammer through a scrip-based combination of the two companies.
Hammer says while the Austral non-binding indicative offer can become superior to that of Larvotto, the Austral offer is still incomplete and conditional.
Larvotto currently has a matching right in place spanning five business days before Hammer can enter into a scheme implementation deed with another party. The Hammer board has, however, not triggered the matching right in favour of Larvotto owing to the Austral offer being incomplete, non-binding and indicative only.
The share exchange ratio for the proposed Austral transaction with Hammer has not yet been determined and will depend on the price of Austral shares at the time of Austral entering into a scheme implementation deed with Hammer, if that occurs.
Meanwhile, Larvotto maintains its takeover of Hammer will be beneficial to shareholders owing to its near-term commissioning of the Hillgrove high-grade gold and antimony project. Once in production, Larvotto will offer exposure to material levels of gold production and about 7% of global antimony supply.
Larvotto is poised to become the largest of only two material producers of antimony in Australia.
In turn, Hammer is primarily focused on the Mount Isa project in Queensland, a massive copper/gold and base metals portfolio holding a combined resource of 530 000 t of copper-equivalent.
Austral operates dual-hub copper production in Queensland's Mt Isa region. Their operations centre on the Mt Kelly processing facility, supported by active mining at Flying Horse and Mt Clarke.
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