Torian to acquire Cascade Resources

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Image credit: torianresources.com.au

Australian gold company Torian Resources is set to become a significant player in the Goldfields Region with the proposed acquisition Cascade Resources.

Image credit: torianresources.com.au
Image credit: torianresources.com.au

Torian’s off-market takeover offer proposes Cascade shareholders to receive one new Torian share (A$0.165 on the ASX on 7 October 2016), for every Cascade share held.

The offer, which has been unanimously recommended by the directors of Cascade in the absence of a superior proposal, values Cascade at approximately A$8.4 million.

Torian non-executive director, Glenn Jardine described the transaction as “logical, value accretive and complementary to the company’s existing asset base.”

“The transaction transforms Torian into a significant player in the Goldfields Region and provides Torian and Cascade’s shareholders with a multi asset, highly diversified, development pipeline that allows the company to accelerate its growth strategy,” Mr Jardine added.

The transaction, subject to 90% minimum acceptance conditions, will see Torian take full ownership of the strategically important Zuleika project and four other projects including the Mt Keith, Mt monger, Kanowna South and Five Mile Hill projects.

It will also add to Torian’s existing tenure at its Bardoc project (~30.2km2), simplify the ownership structure of all projects and deliver on the company’s strategy of further consolidation in the Goldfields region of WA.