Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Thred (THD) is set to make its foray into the Western Australian gold sector with its acquisition of PVW Resources
  • As consideration for the acquisition, Thred will issue just over 151.5 million shares to the 69 shareholders of PVW Resources
  • PVW holds three wholly owned gold projects in Western Australia, the Tanami Project, the Leonora Project and the Kalgoorlie Project
  • The transaction forms part of Thred’s efforts to re-instate its listing on the ASX, and will be completed in conjunction with a $2.5 million financing
  • Shares in Thred were suspended on September 25, 2019, and last traded at a 0.2 cents per share

Thred (THD) is set to make its foray into the Western Australian gold sector with its acquisition of PVW Resources.

The company has been in limbo since last year, after its shares were suspended by the ASX for a failure to maintain its operational requirements. However, with the proposed acquisition of PVW Resources, Thred hopes to have its shares re-instated.

As consideration for the deal, Thred will issue a total of 151,515,152 shares to the 69 shareholders of PVW, after which it will rename to PVW Resources Limited.

Following the completion of the transaction, two current directors of PVW, George Bauk and Colin McCavana, will join Thred’s board, while Sol Majteles and Joe Graziano, current directors of Thred, will retire. PVW’s exploration manager, Karl Weber, will also be appointed as Thred’s exploration manager.

The acquisition remains subject to a number of conditions, including the completion of due diligence procedures, shareholder approval, and Shred’s completion of a $2.5 million financing.

According to the terms of the capital raising, Thred will issue a number of its common shares at a price of no less than $0.03 per share. This also forms part of the company’s re-listing requirements, and will be used primarily to fund exploration and resource drilling, and for general administrative purposes.

PVW holds three wholly owned gold projects in Western Australia, including the Tanami Project, the Leonora Project and the Kalgoorlie Project.

Once the acquisition is completed, Thred intends to initially target highly prospective regions within the Leonora Project, using existing data from previous drilling and production activities.

Subsequent exploration work at the Tanami and Kalgoorlie projects will focus primarily on following up known gold occurrences, along with the continued advancement of new targets.

Shares in Thred were suspended on September 25, 2019, and last traded at 0.2 cents per share.

THD by the numbers
More From The Market Herald
Vimy Resources (ASX:VMY) - Interim CEO, Steven Michael

" Vimy Resources (ASX:VMY) advances controversial Mulga Rock Uranium Project

Vimy Resources (VMY) has submitted a notification of ‘substantial commencement’ for the Mulga Rock Uranium Project in Western Australia.
Bardoc Gold (ASX:BDC) - CEO, Robert Ryan

" Bardoc Gold (ASX:BDC) confirms extensions of Zoroastrian deposit

Bardoc Gold (BDC) has announced most recent assay results from the Zoroastrian deposit within its namesake project “exceeded expectations”.
Albion Resources (ASX:ALB) - Executive Chairman, Colin Locke

" Albion Resources (ASX:ALB) intersects shallow lead-zinc mineralisation at Pillara East

Albion Resources (ALB) has intersected shallow zinc-lead mineralisation at the Pillara East target in Western Australia.
Breaker Resources (ASX:BRB) -

" Breaker Resources (ASX:BRB) sees further potential at Manna

Breaker Resources (BRB) has seen further potential for the Manna lithium prospect as a significant lithium discovery.