Kalahari Minerals, the AIM listed resource company with uranium, gold and base metal interests in Namibia, announced that it has received acceptances in respect of its takeover offer for Coronet from 97.61% of the issued shares.
Kalahari Minerals Plc is an AIM and NSX listed resource company with uranium, gold and base metal interests in Namibia. Its key investment is its 40.4% holding in ASX, TSX and NSX listed Extract Resouces, which is developing the Husab Uranium Project, strategically located directly south of Rio Tinto's producing Rossing Mine. Work is focussing on three main prospects within the project area, Rossing South, Ida Dome and Hildenhof, and results continue to underpin the prospectivity of the region, particularly following the world class Rossing South discovery. Kalahari believes Extract has the ground and potential to deliver on Kalahari's estimates of a resource in the region of 500 M lbs U3O8.
Kalahari's other key investment is its circa 44.9% holding in North River Resources Plc, an AIM listed emerging southern African focussed multi commodity resource development company.
The bid for Coronet, an unlisted Australian-based mineral exploration company whose principal asset is its approximate 7.65% interest in Kalahari, was announced in Decembe. At the time, the rationale given was that: i) Coronet shareholders would benefit from greater marketability as a result of being able to trade their Kalahari Shares directly on AIM and NSX, ii) the transaction would broaden Kalahari's shareholder base and ownership profile, and iii) the transaction would provide Kalahari with control over Kalahari Shares equivalent to 7.7% per cent. of Kalahari, which it may be able to place with existing or new investors at a future date to provide additional capital.
The achievement of greater than the required 90% acceptance level fulfils a key condition of the Offer, and it is expected that the remaining conditions will be met prior to the end of the Offer Period which is currently due to close on 3 March 2010.
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