Hamilton Locke is pleased to have advised Zenith Minerals Limited (ASX: ZNC) on the recommended off-market scrip takeover by from Forrestania Resources Ltd (ASX:FRS). Zenith is an Australia resource company focused on advancing high-quality gold, lithium and base metal assets within established Australian mining jurisdictions. Forrestania is a Western Australian gold exploration and development company The centrepiece of Forrestania’s near-term production strategy is its Lake Johnston processing facility.
The unanimously recommended off-market takeover bid for Zenith by Forrestania, valued at approximately A$93.5 million on a fully diluted basis, is expected to create a stronger and more diversified West Australian focused gold company. The transaction represents an attractive strategic and financial outcome for Zenith shareholders, providing a premium to recent trading prices while enabling shareholders to retain exposure to the future value potential of Zenith’s assets through ownership in Forrestania.
Commenting on the transaction, James Nicholls said: “This is a compelling transaction that brings together two resource companies and provides the potential to accelerate the development of Zenith’s assets. We are delighted to have advised the Zenith team on achieving a significant milestone for Zenith following a period of transformational growth across its portfolio.”
Zenith was also assisted by Argonaut acting as exclusive financial adviser.
The Hamilton Locke team was led by Partner James Nicholls closely supported by Senior Associate Talya Jasson and Associates Alexis Brenssell, Emily Wang and Tasmin Cilliers.
