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Cassini Resources substantial shareholder lifts stake to 6.1172%

Singapore-based Brahman Pure Alpha Pte Ltd now holds 26,754,056 shares after a series of recent purchases.

Cassini Resources Ltd - Cassini Resources substantial shareholder lifts stake to 6.1172%
Mid-tier miner OZ Minerals is acquiring Cassini

Cassini Resources Ltd (ASX:CZI) substantial shareholder Brahman Pure Alpha Pte Ltd has lifted its stake in the company to 6.1172% from 5.1045% after recent purchases.

Singapore-based Brahman Capital Management Pte Ltd is the investment manager of Brahman Pure Alpha, which now holds 26,754,056 shares.

This total was reached on August 21 after a series of purchases from August 17 to that date with prices ranging from 20.5 cents to 22 cents.

Arrangement with OZ Minerals

During June Cassini executed a scheme of arrangement under which mid-tier miner OZ Minerals Limited (ASX:OZL) (OTCMKTS:OZMLF) (FRA:OXR) will acquire all of Cassini’s issued and to be issued shares.

This binding scheme implementation deed will result in OZ Minerals consolidating 100% ownership of the West Musgrave Project and surrounding tenements to 100%.

Demerger intention

Cassini also intends to undertake an inter-conditional demerger of its Yarawindah Brook and Mount Squires assets into a new company, Caspin Resources Limited which intends to apply to list on the ASX.

Its shareholders will receive immediate value for the West Musgrave Project and ongoing exposure to upside from future project value, as well as Yarawindah Brook and Mount Squires, via Caspin.

The OZ Minerals deal alone at 16 cents per Cassini share provides an implied enterprise value of A$76 million as at June 19, 2020.

A pre-feasibility study (PFS) released in February 2020 showed West Musgrave to be a low-cost, long-life (26-year), copper-nickel open pit project with a low carbon footprint.

This project is in Western Australia near the borders of South Australia and the Northern Territory.

Last month, Cassini added to the prospectively of the Yarawindah Brook Nickel-Copper-PGE Project near New Norcia in WA with new target areas identified that have had little to no previous exploration.

The company also received further encouraging results from recent diamond drilling with semi-massive sulphide zones intersected.

Quick facts: Cassini Resources Ltd

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Cassini Resources identifies third nickel-copper-PGE sulphide prospect at...

Cassini Resources Ltd's (ASX:CZI) Richard Bevan tells Proactive's Andrew Scott results from maiden diamond drilling have returned further strong nickel and copper results at their Yarawindah Brook project near New Norcia in WA. He adds that the results have identified a third...

on 20/4/20

2 min read