Image Sourced Superior Lake Resources
Market Herald logo


Be the first with the news that moves the market

Superior Lake Resources Limited has entered into a binding agreement with shareholders of Ophiolite Holdings Pty Ltd. Superior Lake will purchase up to an additional 15 per cent interest of Ophiolite.

The offer was 494,545 Superior Lake shares for every Ophiolite share. As Ophiolite holds the Company’s Superior Lake Zinc Project, Superior Lake’s ownership in the project will increase by up to 85 per cent.

The Superior Lake Zinc project is located approximately 200 km east of Thunder Bay in Ontario, Canada. The project consists of two deposits called Winston Lake and Pick Lake. A study completed last year forecasted the project would produce would produce 46,000tpa of contained zinc metal over the next six years.

Two of the three Selling Minority Shareholders are entities controlled by Superior Lake’s Executive Director, Mr Grant Davey. A meeting will be held later in June 2019 to discuss Superior Lake Resources’ shareholder approval in the project.

The Company will appoint an expert to prepare a report on the acquisition which suggests whether it is reasonable to Superior Lake shareholders. This report will accompany the notice of the exact date of the June meeting.

Minority shareholders who aren’t participating in the sale have a 60-day pre-emptive right to purchase a portion of the Ophiolite shares. This agreement will be free carried until the completion of a Bankable Feasibility Study in mid-2019.

If minority shareholders of Ophiolite don’t exercise their pre-emptive rights, Superior Lake will issue the selling minority shareholders an aggregate of 185,454,375 Superior Lake shares. If they do, an aggregate of 162,705,305 Superior Lake shares will be issued as a consideration.

If further conditions contained by the sale and agreement aren’t satisfied, either party that is in material breach of these are in breach of its representation or warranties. Further details are expected this month.

Please find the announcement attached

SUP by the numbers
More From The Market Herald
Kleos Space (ASX:KSS) - CEO, Andrew Bowyer

" Kleos Space (ASX:KSS) to build and launch Observer Mission

Kleos Space (KSS) has signed new contracts with satellite builder Innovative Solutions in Space (ISISPACE) and global launch services provider, Spaceflight.
Amaero International (ASX:3DA) - CEO, Barrie Finnin

" Amaero International (ASX:3DA) to make rocket motor parts for Gilmour Space

Amaero International (3DA) has secured a heads of agreement (HoA) with Gilmour Space Technologies.

" DGL Group (ASX:DGL) to buy Shackell for $8.9m

Specialist chemicals business DGL Group (DGL) has agreed to purchase Shackell Transport for $8.9 million.
MoneyMe (ASX:MME) - CEO, Clayton Howes

" MoneyMe (ASX:MME) hits $1b originations milestone

MoneyMe is celebrating after hitting a $1 billion in originations milestone during the recent September quarter of the 2021 financial year.