Silver Lake, who submitted an off-market takeover bid for Egan, has increased its stake to 18.56%.
Egan Street Resources Ltd () has had substantial shareholder () increase its stake to 18.56% from 17.51%.
The increase represents an additional 1.35 million shares which were acquired by Silver Lake as a result of acceptances from the off-market takeover bid.
Egan’s most advanced project is its 100% owned Rothsay Gold Project in Western Australia.
In early August 2019, Egan updated the project’s Ore Reserve estimate by 18% to 235,000 ounces of gold grading 4.5 g/t.
The Ore Reserve is part of the 454,000-ounce JORC resource grading 9.2 g/t gold.
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