PERTH (miningweekly.com) – ASX-listed Gandel Metals has started with the compulsory acquisition of the remaining shares in fellow-listed Alliance Resources, after gaining a 94.34% interest in the takeover target at the end of the takeover offer period, which closed on July 4.
Gandel earlier this year launched an 18c-a-share takeover offer for Alliance Resources, which holds the Wilcherry multi-metals project, in South Australia, which includes the Weednanna gold/iron deposit, which is estimated to host 152 000 oz of gold and 1.15-million tonnes of iron resource.
Gandel said on Wednesday that the company would now exercise its rights to compulsorily acquire the outstanding shares in Alliance on the same terms as the offer.