Silver Lake increases offer for EganStreet
PERTH (miningweekly.com) – Gold miner Silver Lake Resources has increased its bid for fellow-listed EganStreet Resources.
Silver Lake in August this year launched a A$52-million takeover for EganStreet, offering its shareholders 0.27 of its own shares for every EganStreet share held, valuing EganStreet shares at 40c each.
The company has now increased the offer consideration to 0.40 Silver Lake shares for every EganStreet share held, with the miner on Wednesday saying that it would increase this offer consideration to 0.431 Silver Lake shares for every EganStreet share if the company obtained a 38% interest before the end of business on December 13.
Silver Lake currently holds a 34.33% interest in the takeover target.
EganStreet holds the Rothsay gold project, which is about 85 km south-east from Silver Lake’s Deflector mine and processing hub.
Silver Lake previously told shareholders that the acquisition of EganStreet would allow the company to consolidate an additional Joint Ore Reserves Committee- (Jorc-) compliant resource of 454 000 oz and a Jorc-compliant reserve of 200 000 oz at the Rothsay gold project, and would provide a near-term development opportunity to introduce a new high-grade ore source to an upgraded Deflector processing facility.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation