Robust Resources' (ASX:ROL) suitor Stanhill Capital Partners Holdings has purchased a 19.9% stake at $0.315 per share, and also increased its offer price under its existing takeover bid to $0.315, from $0.28.
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.
The offer is conditional on a 75.01% minimum level of acceptances, and receipt of regulatory and shareholder approvals.
Last week Robust advised that shareholders of Mentum Inc (LON:MEN) have voted in favour of all resolutions relating to its acquisition of Robust’s Kyrgyz Republic Gold-copper assets.
Mentum is acquiring the assets through the issue of $32 million worth of shares to Robust, which will give Robust a 87.3% stake.
Robust is presently valued at around $52 million.
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