News: Robust Resources attracts another increased takeover bid

Robust Resources (ASX:ROL) should open substantially higher when it recommences trading, after Stanhill Capital Partners Holdings and Droxford International made an application for an off-market takeover offer of Robust at $0.49.

The offer represents an improvement of 56% over the current proposal from Stanhill, and is a premium of 123% to Robust's price prior to the original Stanhill offer.

Robust last traded at $0.295 and is capitalised at $59 million.

In the absence of a higher offer, and conditional upon an independent expert recommending that the offer is fair
and reasonable, Robust intends to recommend that shareholders accept the new offer.

This is further evidence that the ASX small-cap resources space is springing back to life, coinciding with the current broad-based sector rally.

The original $0.28 offer on July 1st was at a 27.2% premium to Robust's market price of $0.22 at the time.

Robusts's flagship asset is its Batu Perak polymetallic project on Romang Island, Indonesia.

A conceptual exploration target has been estimated to be 8 to 12 million tonnes at 5% to 7% combined base metals, 1 to 2 grams per tonne gold and 60 to 80 grams per tonne silver.

This would yield 400 to 600 thousand ounces of gold, 20 to 30 million ounces of silver, and 1 to 1.5 billion pounds of base metals.