Tawana Resources NL (ASX:TAW) (Tawana) is pleased to announce a merger of equals with Alliance Mineral Assets Limited (SGX:40F) (Alliance) proposed to be implemented by way of a Tawana scheme of arrangement under the Corporations Act 2001 (Cth) (Merger) whereby, subject to all necessary approvals, Tawana Shareholders and Alliance Shareholders will hold, in aggregate, approximately 50% of the combined Alliance / Tawana group (Merged Group).
Tawana is also pleased to announce that it is today conducting a fully underwritten placement to sophisticated and institutional investors to raise gross proceeds of A$20 million (Tawana Underwritten Placement) (including a placement of A$7.8 million to Weier Antriebe und Energietechnik Gmbh (Weier), an existing substantial shareholder of Tawana). Tawana also reserves the right to place up to a further A$5 million in gross proceeds to sophisticated and institutional investors (Tawana Conditional Placement) (collectively, Tawana Placements). The Tawana Conditional Placement is nonunderwritten and conditional on completion of the Alliance Conditional Placement
TAW Price at posting:
45.5¢ Sentiment: Buy Disclosure: Held
