Bulletin Resources (ASX:BNR) has received $800,000 and Matsa Resources (ASXLMAT) a final $200,000 payment from the sale of the 1.35km2 of the Lake Rebecca Gold Project to Ramelius Resources (ASX:RMS).
The final payment provides Bulletin a total of $4.768 million in cash and Ramelius shares from the sale process, Matsa has now received $1.192 million in total cash and Ramelius shares.
Matsa still retains a 20% free carried interest in part of the Lake Rebecca Gold Project, which adjoins Ramelius’ 1.4 million ounce Rebecca Gold Project and nearby 1.8 million ounce Roe Gold Project.
The final payment comes just days after Matsa began advising its shareholders take no action regarding a 10 February unsolicited on-market takeover bid by Patronus Resources (ASX:PTN), as reported by Mining.com.au.
Matsa is considering the offer and intends to provide its recommendation to shareholders via the release of a target statement in the coming weeks.
The company has appointed Thomson Geer as legal advisor in relation to the offer. Patronus has engaged Sternship Advisers to act as its financial advisor and Blackwall Legal to act as its legal advisor with respect to the offer.
Euroz Hartleys, on behalf of Patronus, is offering to acquire Matsa on market at a price of $0.045 cash per share.
The offer will officially be made from 24 February and ending on 24 March 2025, unless extended by Patronus.
Write to Adam Orlando at Mining.com.au
Images: Matsa
