Resolution Minerals receives $225m offer for US Horse Heaven mine
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The news: Critical minerals miner Resolution Minerals has received an unsolicited and non-binding indicative offer to buy its Horse Heaven antimony-tungsten-gold-silver project from Nasdaq-listed Snow Lake Resources.
The numbers: The proposed $225 million offer would be paid in cash and shares.
At 11:35am AEST, shares in small-cap miner Resolution had slipped 5.3% to 7.2 cents per share despite initially jumping shortly after market open.
The context: The Horse Heaven mine has supplied the US government with antimony and tungsten during World War I, World War II and the Korean War. It is located adjacent to Perpetua Resources’ Stibnite antimony and gold mine.
The offer was received by Resolution on Saturday and its board is consulting with advisers before concluding an assessment of the offer.
Snow Lake has requested a period of exclusivity to conduct due diligence and finalise negotiations with Resolution on the terms of the offer. The small-cap miner cautioned that there is currently no guarantee the indicative offer will result in a binding offer or that any transaction will take place.
Resolution also announced that Roth Capital Partners has been appointed as the miner’s exclusive North American Capital Markets Adviser, in relation to US listing alternatives. This may include a Nasdaq listing or via special purpose acquisition company.
The source: ASX
