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Silver Lakes takes stake in Encounter

8th July 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Silver Lake Resources has taken a 5.3% stake in fellow-listed Encounter Resources, as part of Encounter’s share placement to raise A$1.4-million.

Silver Lake has subscribed for 6.7-million shares in Encounter, at a price of 7.5c each.

Encounter on Monday said that the company had received additional firm placement commitments from professional and sophisticated investors for some 11.7-million shares, including ASX-listed Independence Group, which will maintain its 9.2% interest in Encounter.

“We are very pleased to welcome Silver Lake as a new substantial shareholder and the continuing support of Independence Group and other shareholders. Both companies are highly successful mining companies which supports Encounter’s project generator business model,” said Encounter MD Will Robinson.

“Collaborating with high-quality partners provides multiple opportunities and significant leverage to a pipeline of potential Tier 1 discoveries for our shareholders."

Robinson said that the funds raised will be primarily used to advance the recently identified Lamil copper/gold prospects at the Paterson Province, in Western Australia, and to accelerate gold and base metal project generation activities, and for general working capital.

Edited by Creamer Media Reporter

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