Inca Minerals Limited

Inca to acquire Stunalara Metals Limited with high-quality gold/antimony exploration projects in North Queensland

Inca Minerals Limited (ASX: ICG) (Inca or the Company) is pleased to announce that it has entered into a binding Bid Implementation Agreement to acquire Stunalara Metals Limited (Stunalara) via an off market takeover bid (Bid). If successfully completed, Stunalara shareholders will be issued a total of ~ 300,000,000 fully paid Inca shares (being ~ 22.6% of Inca post Bid assuming no other shares are issued).


Stunalara Highlights

  • Stunalara is a public unlisted Australian exploration company with projects in Queensland, Tasmania and Western Australia.
  • Stunalara’s key asset is the high-grade gold & gold-antimony Hurricane exploration project in North Queensland (NQ) that has multiple undrilled high-grade gold & gold-antimony prospects developed from rock chip and grab sampling.
    • Gold Prospects
      • Cyclone – up to 4.9 g/t (Au)
      • Cyclone North – up to 7.4 g/t (Au)
      • Monsoon – up to 4.0 g/t (Au)
      • Hurricane North – up to 45.7 (Au)g/t
      • Hurricane South – up to 41.5 g/t (Au)
      • Tornado – up to 17.6 g/t (Au)
      • Typhoon – up to 71.6 g/t (Au)
    • Gold-Antimony Prospects
      • Bouncer South – Antimony (Sb) up to 20.8% & up to 7.9 g/t Au
      • Holmes – Sb up to 29.0% & up to 21.7 g/t Au
      • Holmes South – Sb up to 43.2% & up to 5.2 g/t Au
      • Pederson West – Sb up to 5.3% & up to 2.2 g/t Au

Transaction Highlights

  • At a deemed Inca share price of $0.006, the Bid consideration of 300,000,000 Inca shares implies a value of $1.8 million for Stunalara (fully diluted).
  • Stunalara shareholders will be offered 6.448981 Inca shares for every 1 Stunalara share held, valuing each Stunalara share at ~4.5 cents each (Offer)1.
  • The Offer will be subject to standard conditions including, that, at or before the end of the Offer period, Inca has a relevant interest in at least 90% of all Stunalara shares on issue (on a fully-diluted basis).
  • Stunalara has engaged an Independent Expert to advise Stunalara shareholders on the fairness and reasonableness of the Offer as Inca director, Mr Andrew Haythorpe, is also a Stunalara director and holds a ~18.6% Stunalara shareholding. Stunalara has also established an independent board committee.
  • ASX has confirmed that Listing Rules 11.1.2 and 11.1.3 do not apply to the transaction.
  • Subject to there being no superior proposal and the Independent Expert concluding and continuing to conclude that the Offer is either fair and reasonable, or not fair but reasonable:
    • Inca has been informed by Andrew Haythorpe that he intends to accept the Offer twenty-one days after the Offer becomes open for acceptance with respect to all Stunalara shares owned or controlled by him; and
    • Inca has been informed the Stunalara Board will unanimously recommend that all Stunalara shareholders accept the Offer.
  • Under the Bid Implementation Agreement, a mutual reimbursement fee of $100,000 may be payable in certain circumstances by either Inca or Stunalara.
  • Further details about the Offer, conditions to the Offer and proposed timetable are set out in the Bid Implementation Agreement which is attached as an annexure to this announcement.

Inca’s CEO, Trevor Benson commented:

“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.”


Click here for the full ASX Release

This article includes content from Inca Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

The Conversation (0)
Exceptional High-Grades up to 34.9 g/t Gold Returned in Drilling at the Island Gold Project

Exceptional High-Grades up to 34.9 g/t Gold Returned in Drilling at the Island Gold Project

Caprice Resources Ltd (ASX: CRS) (“Caprice” or “the Company”) is pleased to provide an update on its Phase 1 Reverse Circulation (RC) drill programme at the Island Gold Project. Phase 1 drilling has returned exceptional thick, high-grade gold intersections from testing previously unrecognised, high-grade, structurally controlled, cross-cutting “Break of Day”1 analogue gold targets.

Keep reading...Show less
Elixir Energy (ASX:EXR)

Presentation Expanding in the Taroom Trough

Elixir Energy Limited (“Elixir” or the “Company”) has announced the presentation expanding in the Taroom Trough.


This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Keep reading...Show less
Black Canyon (ASX:BCA)

Metallurgical Testwork Delivers 48% to 50% Manganese Concentrates

Australian manganese explorer and developer, Black Canyon Limited (Black Canyon or the Company) (ASX: BCA) is pleased to announce the results from benchtop scale beneficiation testwork completed on composite reverse circulation (RC) drill chip samples from the W2 prospect at the Wandanya Project1. The testwork demonstrates substantial uplifts from composite feed grades of 21.2% Mn and 41.5% Mn to concentrate grades well above the premium 44% Mn oxide benchmark grade for both the moderate and higher-grade feed samples. The laboratory testwork used HLS techniques as a proxy for widely used, industry based dense media separation (DMS).

Keep reading...Show less
Orbminco Limited

Significant new drill targets defined at the Bronze Fox Copper-Gold Project, Southern Mongolia

Orbminco Limited (ASX: OB1) (“Orbminco”, “the Company”), is pleased to announce results of recent trench sampling at its Bronze Fox Project located in the Southern Gobi Copper-Gold belt of Mongolia.

Keep reading...Show less
Astute Metals NL

Geological Mapping and Further Rock Chip Results Enhance Red Mountain Lithium Project, USA

Interpretation of prospective rock types confirmed ahead of Exploration Target

Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that recently completed geological mapping and rock chip sampling at the 100%-owned Red Mountain Lithium Project in Nevada, USA has identified a new zone of lithium bearing clay-rich rocks (shown as the Dark green ‘Unit J’ in Figures 1-3) with lithium grades of up to 2,100ppm lithium.

Keep reading...Show less
Canyon Resources Limited

Approval of Inland Rail Facility by Government of Cameroon

Canyon Resources Limited (ASX: CAY) (‘Canyon’ or the ‘Company’) is pleased to announce that the location of its Inland Rail Facility (‘IRF’) has been approved by the Government of Cameroon. In addition, Canyon’s in- country subsidiary Camalco Cameroon SA (‘Camalco’) has been allocated 105 hectares of land by the Lamido of Ngaoundere to be used for future additions to the IRF and associated infrastructure.

Keep reading...Show less

Latest Press Releases

Related News

×