St Barbara (ASX:SBM) has acquired 458.56 million shares in Geopacific Resources (ASX:GPR) after receiving shareholder approval from Patronus Resources (ASX:PTN) as part of its selective buy-back transaction.
Following completion of the transaction, St Barbara holds 14.4% stake in Geopacific, in exchange for selling back 158.13 million shares in Patronus.
Patronus will still hold 41 million shares in Geopacific after completion of the agreement with St Barbara.
As reported by Mining.com.au, St Barbara revealed its intention to add value to Geopacific on 6 June, sharing it saw limited opportunities to advance Patronus.
Geopacific CEO James Fox says the company is pleased to introduce St Barbara onto the register as a shareholder, strategically utilising St Barbara’s assets and reach in Papua New Guinea to extend its footprint.
“Their proven excellence in Papua New Guinea through the Simberi Gold Mine brings valuable local knowledge and technical expertise as we continue to advance the 1.67 million ounce Woodlark Gold Project,” Fox says.
“Importantly, this transaction also delivers a strategically aligned shareholder base for Geopacific.”
Geopacific Resources is focused on unlocking the exploration potential of its Woodlark Gold Project in Papua New Guinea.
Write to Maddison Elliott at Mining.com.au
Images: Geopacific Resources
