Resolution receives unsolicited A$225m offer for Horse Heaven project
Australia’s Resolution Minerals has confirmed receipt of an unsolicited, indicative and non-binding A$225-million offer from Nasdaq-listed Snow Lake Resources to acquire its recently secured Horse Heaven antimony/tungsten/gold/silver project in Idaho, US.
The proposal from Snow Lake Resources was received on August 2 and outlines a potential acquisition through a combination of cash and Snow Lake shares, with the exact ratio to be agreed upon in future negotiations.
Snow Lake has also requested a period of exclusivity to conduct due diligence and finalise terms.
Resolution, which only recently acquired the Horse Heaven project, said it was disclosing the offer in advance of completing its assessment.
“The board cautions that at this time there is no guarantee that the offer put forward by Snow Lake will result in a binding offer or that any transaction will eventuate,” the company stated.
Located adjacent to Perpetua Resources’ Stibnite antimony and gold project, the historic Horse Heaven mine has a legacy of supplying critical minerals, including antimony and tungsten, to the US government during World War I, World War II and the Korean War.
Resolution said that shareholders do not need to take any action at this stage and that it would continue to update the market in line with continuous disclosure obligations.
Meanwhile, the company has appointed Roth Capital Partners as its exclusive North American capital markets adviser, replacing its previous US advisers. Roth will support Resolution’s evaluation of potential US listing options, including a traditional Nasdaq listing or a merger with a special purpose acquisition company.
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