PERTH (miningweekly.com) – Canada’s Kedalion Nickel’s interest in ASX-listed takeover target Cannon Resources has now reached over 92%, with the company now able to start the compulsory acquisition of the remaining shares in Cannon.
The two companies last year struck a takeover offer under which Kandalion offered 45c a share for Cannon, representing a 43% premium to Cannon’s last closing price. The offer was declared unconditional in November of last year, and Kedalion has now assumed control of the company by appointing a majority of the Cannon board.
The offer will close on January 23, unless extended.
Cannon’s flagship project, Fisher East, in Western Australia, hosts four high-grade nickel sulphide deposits which have a combined Joint Ore Reserves Committee-compliant mineral resource of 134 100 t of nickel at an average grade of 1.8% nickel.