Inca Minerals (ASX:ICG) Announces Acquisition of Stunalara Metals
Transaction Details
Inca Minerals Limited (ASX:ICG) has entered into a binding Bid Implementation Agreement to acquire Stunalara Metals Limited via an off-market takeover bid. Upon successful completion, Stunalara shareholders will receive approximately 300 million fully paid Inca shares, valuing Stunalara at around $1.8 million.
Stunalara Metals Highlights
Stunalara is a publicly unlisted Australian exploration company with projects in Queensland, Tasmania, and Western Australia. Its key asset, the high-grade gold and gold-antimony Hurricane exploration project in North Queensland, includes multiple undrilled high-grade prospects such as Cyclone North and Typhoon.
Executive Comments
CEO Trevor Benson stated, “Having carefully considered a number of acquisition proposals since I was appointed as CEO last year, it became abundantly clear that Stunalara was a standout opportunity. Its high-grade gold & gold-antimony Hurricane Project in NQ presents a unique opportunity to explore a project with multiple strongly mineralised veins which have historical workings but have never been drilled.” “In addition, the under-explored Mt Reid project in Western Tasmania is located in an area where multiple significant precious and base metal deposits have been discovered, developed and mined over the last 100 years.”
Future Plans
Inca intends to undertake a capital raising once the bid outcome is known to fund ongoing exploration activities.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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