36 stories mentioning ASX:FRSUpdated 1d ago
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Zenith Minerals (ASX:ZNC) received notice that Forrestania Resources (ASX:FRS) increased its holdings in the company to 47.23% from 45.69%, according to a Wednesday filing with the Australian bourse.Forrestania Resources now owns 302.3 million shares in the company, the filing said.Forrestania's shares gained about 1% in recent Wednesday trade.
Forrestania Resources (ASX:FRS) ended the June quarter with AU$7.8 million in cash reserves and AU$15.6 million in listed investments, according to a Tuesday filing with the Australian bourse.The company held AU$2.5 million in cash reserves at the close of March, an earlier filing showed.Forrestania secured about AU$310 million of institutional equity raising in the June quarter to support its ambition to transform into a mid-tier Australian gold producer.The company's shares fell past 8% in recent Tuesday trade amid a broadly lower market.
Forrestania Resources (ASX:FRS) agreed not to declare its takeover bid for Zenith Minerals (ASX:ZNC) free of any defeating conditions without prior approval from the Takeovers Panel or the acting president, following an application by Harvest Lane Asset Management, according to a Monday Australian bourse filing.The Panel accepted the company's undertaking under the Australian Securities and Investments Commission Act 2001 in relation to Harvest Lane's application concerning Zenith's affairs, per the filing.The company's undertaking will remain effective until the Panel approves any variation or release, the proceedings are resolved, or two months from the date of the undertaking have passed, whichever occurs first, the filing said.The company has agreed to ensure compliance with the undertaking and provide affected parties its benefits, with the Panel able to seek court orders, including compensation, for any breach, the filing added.Forrestania Resources' shares added over 1% in recent Monday trade, while Zenith Minerals' shares rose 2%.
Forrestania Resources (ASX:FRS) extended the offer period for its off-market takeover bid for all fully paid ordinary shares in Zenith Minerals (ASX:ZNC), with the offer now scheduled to close on Aug. 7, unless it is withdrawn or further extended, according to an Australian bourse filing on July 24 after market hours.Forrestania has updated its bidder's statement and acceptance form to replace all references to July 31 with Aug. 7 as the closing date, per the filing.The company said it is now required to provide an update on the status of the remaining defeating conditions by July 31 following the extension, adding that none of those conditions had been fulfilled as of the date of the notice.The notice was filed with the Australian Securities and Investments Commission on July 24, following authorization by the company's board, the company added.
Zenith Minerals (ASX:ZNC) said Australia's Takeovers Panel received an application from Harvest Lane Asset Management, a shareholder of Zenith, seeking interim orders to prevent Forrestania Resources (ASX:FRS) from processing further acceptances under its takeover offer for Zenth and declaring the offer unconditional while the application is pending, according to a Friday Australian bourse filing.Forrestania entered into a binding takeover implementation deed with Zenith in June. Between June 9 and June 29, Forrestania increased its stake in Zenith to 21.40% from 9.72%. On June 29, Forrestania announced the acquisition of the Edna May mine from Ramelius Resources (ASX:RRL) for AU$300 million.Concurrently, Forrestania announced an equity placement of AU$310 million via a two-tranche placement at an issue price of AU$0.40 per share, almost 30% lower than the referenced offer price in the target's and bidder's statements, per the application.Harvest Lane submitted that the "timing proximity" of the acquisition of the mine and the subsequent material dilution, to the release of both bidder's and target's statements, which did not specifically disclose or reference, constituted information that ought to have been known at the time the statements were issued.Failure to disclose such information constitutes "misleading and deceptive circumstances," according to Harvest Lane.Forrestania's shares fell nearly 8% in recent trading on Friday, while those of Zenith declined 9%. Regis Resources shed 4%.
Forrestania Resources (ASX:FRS) confirmed mineralized depth extensions at the British Hill project in Western Australia following the recent batch of assay results, according to a Friday filing with the Australian bourse.The company completed eight reverse circulation holes for 1,858 meters, with assays returning 4 meters at 7.46 grams per tonne (g/t) grade of gold from 124 meters, including 1 meter at nearly 23 g/t grade of gold from 125 meters, 1 meter at almost 23 g/t grade of gold from 141 meters, and 7 meters at 5.69 g/t grade of gold from surface, including 1 meter at nearly 18 g/t grade of gold from surface, the filing said.The company is expected to release a revised mineral resource estimate in the coming weeks, per the filing.
Zenith Minerals (ASX:ZNC) said Forrestania Resources (ASX:FRS) boosted its stake in the firm to 42.75% from 41.45% on Thursday, according to a Friday Australian bourse filing.Forrestania acquired 9 million shares in Zenith as a result of acceptances of the takeover offer. It now holds 272.8 million shares of Zenith.
(Updates to add Forrestania's statement in the fourth and fifth paragraphs and stock movements in the last paragraph)Zenith Minerals (ASX:ZNC) said Ida Metal Investments has increased its stake in the company to around 10.1% after acquiring 4 million shares on-market, while indicating it does not currently intend to accept Forrestania Resources' (ASX:FRS) takeover offer of one Forrestania share for every 4.3 Zenith shares, according to a Thursday filing with the Australian bourse.The company noted that Ida's holding alone would not prevent the takeover offer from becoming unconditional, with the bid subject to a 50.1% minimum acceptance condition, the filing said.The company's board reiterated its unanimous recommendation that shareholders accept Forrestania's offer, in the absence of a superior proposal, the filing added.Forrestania Resources, in a Thursday filing with the Australian bourse, said it considers that it is in the best interests of Zenith Shareholders to accept its offer as no superior offer has materialized yet.Forrestania added that Zenith's current share price is "arguably being supported" by its takeover offer and Ida's current shareholding does not prevent Forrestania from achieving the minimum acceptance condition.Zenith Minerals' shares jumped 5% in recent Thursday trade, and Forrestania Resources' shares also gained 5%.
Zenith Minerals (ASX:ZNC) said Ida Metal Investments has increased its stake in the company to around 10.1% after acquiring 4 million shares on-market, while indicating it does not currently intend to accept Forrestania Resources' (ASX:FRS) takeover offer of one Forrestania share for every 4.3 Zenith shares, according to a Thursday filing with the Australian bourse.The company noted that Ida's holding alone would not prevent the takeover offer from becoming unconditional, with the bid subject to a 50.1% minimum acceptance condition, the filing said.The company's board reiterated its unanimous recommendation that shareholders accept Forrestania's offer, in the absence of a superior proposal, the filing added.
Zenith Minerals (ASX:ZNC) received notice that Forrestania Resources (ASX:FRS) increased their holdings in the company to 41.45% from 39.87%, according to a Wednesday filing with the Australian bourse.Forrestania Resources now owns 263.7 million shares in the company, the filing said.
Zenith Minerals (ASX:ZNC) shareholder Forrestania Resources (ASX:FRS) increased its stake in the company to about 38.3% from a previous 37.2%, according to a Wednesday filing with the Australian bourse.Forrestania now holds about 240.9 million Zenith shares, up from roughly 234 million, per the filing.Zenith Minerals shares rose 5% in recent Wednesday trade, while Forrestania advanced nearly 7%.
Duketon Mining's (ASX:DKM) geochemical targeting method is proving effective but has only been applied to around 30% of the granted tenure, indicating potential for further discovery, Euroz Hartleys said in a Wednesday note.The firm's drilling program at the Barlee gold project in Western Australia confirmed consistent, shallow gold mineralization across multiple prospects, with Gromit delivering the strongest result of 30 meters at 1.1 grams-per-tonne grade of gold from 12 meters. Mineralization remained open in all directions.Strong mergers and acquisition activity in the Southern Cross district, led by Forrestania Resources' (ASX:FRS) consolidation strategy, highlighted Barlee's strategic position and underscores the potential for future discoveries.The investment firm retained its speculative buy recommendation and AU$0.75 per share price target on Duketon Mining.
Forrestania Resources (ASX:FRS) secured binding commitments to generate about AU$310 million via a dual-tranche placement of about 775 million ordinary shares at AU$0.40 each to fund its acquisition of the Edna May Gold Hub in Western Australia, according to a Wednesday filing with the Australian bourse.The first tranche involves the issuance of 237.2 million new shares to raise AU$94.9 million, and the second tranche is for the issue of 537.8 million shares to generate AU$215.1 million, subject to shareholder approval.Forrestania has exercised its right under the Edna May purchase agreement to increase the cash component of the consideration to AU$210 million, and reduce the value of Forrestania shares to be issued to Ramelius Resources (ASX:RMS) to AU$90 million, per the filing.Forrestania Executive Chairman David Geraghty will invest AU$1 million into the placement, subject to shareholder approval.Forrestania Resources' shares jumped 8% in recent Wednesday trade.
Australian shares closed higher on Monday after the US and Iran agreed to halt hostilities that had flared up over the weekend.The S&P/ASX 200 Index gained 0.68%, or 59.20 points, to close at 8,823.40.Brent crude oil futures climbed to trade around $72 per barrel amid concerns over the future of peace negotiations between the US and Iran, as well as the opening of the Strait of Hormuz.On the domestic front, the Reserve Bank of Australia said its monetary policy board disclosed a framework outlining how it would approach the design and use of additional monetary policy tools in a low-interest rate environment.The bank said the toolkit features six tools, including term lending facilities, government bond purchase programs, forward guidance with commitment, negative interest rate policy, term rate targets, and foreign exchange asset purchasesIn company news, Ramelius Resources (ASX:RMS) agreed to sell its Edna May Gold Hub, including processing infrastructure and surrounding satellite tenements, to Forrestania Resources (ASX:FRS) for AU$300 million under a binding share and asset purchase agreement. Completion is targeted for the September quarter, after which the company is expected to become a substantial shareholder in Forrestania.Karoon Energy (ASX:KAR) said production has been restored from the SPS-92 well at Baúna in Brazil following the replacement of the electrical submersible pump (ESP). SPS-92 is currently producing at a rate of 8,600 barrels of oil per day (bopd), taking total Baúna Project production to around 20,500 bopd.Neuren Pharmaceuticals (ASX:NEU) secured a positive opinion from the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use, which recommended approval of Daybue for treating neurobehavioral symptoms of Rett syndrome in patients aged five years and older.
Ramelius Resources (ASX:RMS) agreed to sell its Edna May Gold Hub, including processing infrastructure and surrounding satellite tenements, to Forrestania Resources (ASX:FRS) for AU$300 million under a binding share and asset purchase agreement, according to a Monday Australian bourse filing.The consideration comprises AU$200 million in upfront cash and AU$100 million in Forrestania shares, subject to escrow and orderly sale restrictions, per the filing.The company will receive a AU$20 million deposit, with the balance payable in cash and shares on completion, subject to customary conditions, including Forrestania securing at least AU$200 million in binding equity commitments, obtaining shareholder approval, and receiving regulatory approvals and third-party consents, the filing said.Completion is targeted for the September quarter, after which the company is expected to become a substantial shareholder in Forrestania, the filing added.Ramelius Resources' shares jumped nearly 4% in recent Monday trade. Trading in Forrestania Resources' shares was halted.
Australian shares are poised to rise on Monday, tracking firmer oil prices after renewed US-Iran strikes and escalating tensions in the Middle East disrupted shipping through the Strait of Hormuz and prompted traders to reassess the risk of supply constraints.On June 26, the S&P 500 and the Dow Jones Industrial Average each fell 0.1%, while the Nasdaq Composite declined 0.2%.In the macroeconomy, investors are eyeing the Reserve Bank of Australia's June monetary policy board meeting minutes on Tuesday.In corporate news, Ramelius Resources (ASX:RMS) agreed to sell its Edna May Gold Hub, including processing infrastructure and surrounding satellite tenements, to Forrestania Resources (ASX:FRS) for AU$300 million under a binding share and asset purchase agreement.Greatland Gold (ASX:GGP) said its group ore reserve estimate grew 62% to 5 million ounces.Australia's benchmark index rose 0.2% or 15.5 points to close at 8,764.20 on June 26.
Forrestania Resources (ASX:FRS) increased its stake in Zenith Minerals (ASX:ZNC) to about 14.8% from around 13.8% previously, according to a Wednesday filing with the Australian bourse.Forrestania now holds about 90.8 million Zenith shares, per the filing.Shares of Zenith Minerals declined 5% in recent Wednesday trade, while Forrestania was 2% lower.
Zenith Minerals (ASX:ZNC) received notice that Forrestania Resources (ASX:FRS) increased their holdings in the company to 13.79% from 11.71%, according to a Friday filing with the Australian bourse.Forrestania Resources now owns 83.8 million shares in the company, the filing said.
Forrestania Resources (ASX:FRS) declared a mineral resource estimate for the Lady Lyla deposit in Western Australia of 922,000 tonnes at 1.4 grams per tonne (g/t) gold for 41,700 ounces at a 0.5 g/t gold cut-off, according to a Thursday Australian bourse filing.The company said the estimate includes a maiden indicated resource of 478,000 tonnes at 1.7 g/t gold for 25,500 ounces, representing 61% of the total estimate.Further work is planned including resource extension drilling along strike and diamond core drilling to facilitate metallurgical test work, along with environmental baseline studies and conceptual mining studies, it added.
Forrestania Resources (ASX:FRS) entered into a binding takeover implementation deed with Zenith Minerals (ASX:ZNC) under which Forrestania will make offers under a recommended off-market takeover bid for all ordinary shares in Zenith, according to a Tuesday Australian bourse filing.Zenith shareholders will receive one Forrestania share for every 4.3 Zenith shares held, implying an offer value of AU$0.132 per Zenith share, valuing Zenith at AU$93.5 million. The offer represents a nearly 47% premium to Zenith stock's last closing price.The transaction is subject to customary conditions, including a minimum acceptance condition of 50.1%, with Zenith directors holding about 4.5% of Zenith shares intending to accept the offer in the absence of a superior proposal.Eligible Zenith shareholders may be able to access capital gains tax scrip-for-scrip rollover relief where Forrestania acquires 80% or more of Zenith shares and other rollover conditions are satisfied, it added.Zenith Minerals' shares rose almost 17% in recent Tuesday trade, while Forrestania Resources fell almost 10%.
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