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.