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EganStreet Resources substantial holder Silver Lake lifts stake to 31.53%

Silver Lake has extended its takeover offer for the WA gold explorer until December 13, 2019.

EganStreet Resources Ltd - EganStreet Resources substantial holder Silver Lake lifts stake to 31.53%
The company’s flagship is the 454,000-ounce Rothsay Gold Project

EganStreet Resources Ltd’s (ASX:EGA) substantial holder Silver Lake Resources Limited (ASX:SLR) has boosted its stake to 31.53% as the takeover offer for the gold explorer has been extended.

This is an increase from 30.43% in mid-September and represents the addition of almost 1.539 million since the last update.

Silver Lake, which last traded at $1.04 and EganStreet at 30 cents, now holds 44,029,252 shares.

Offer extended

This week Silver Lake extended its offer of 0.27 shares for every EganStreet share held to 7pm Sydney time on December 13, 2019.

The offer values EganStreet at 40 cents per share which represents a premium of 28.9% to the close price of 31 cents, which was the price of shares on ASX at the close of trading on July 29, 2019.

It also represents a premium of 24.2% to the 5-day volume-weighted average price (VWAP) of 32.2 cents up to and including July 29 and 43.4% to the 30-day VWAP of 27.9 cents up to and including July 29.

Acceptance recommended

In late July, the Board of EganStreet unanimously recommended that the offer, which implies a $522 million total transaction enterprise value, be accepted.

EganStreet’s most advanced project is its 100%-owned high-grade 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 reserve is part of the 454,000-ounce JORC resource grading 9.2 g/t gold.

Quick facts: Egan Street Resources Ltd

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ASX:EGA
Market: ASX
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