Central Asia Metals plc has further increased its offer to buy New World Resources Ltd as it watches a rival bid for the US-focused base metal explorer.
IMPLICATIONS
Central, with interests in Kazakhstan, North Macedonia and Scotland, first made its offer in May to acquire 100% of NWR.
On 20 June it bought 178,800,056 NWR shares and revised its offer from A$0.05 to A$0.053 per NWR share, with a new overall value of A$197 million.
Central today increased its cash offer to A$0.055 per NWR share, valuing NWR at A$204m.
The rival “unsolicited, non-binding, conditional and indicative proposal” from Kinterra Capital GP Corp. is to buy in cash all of the shares in NWR that it does not own for A$0.057 per share via an off-market takeover offer.
Central said it was “currently considering the implications of the Kinterra offer.”
NWR owns the Antler copper project in Arizona, the 4,000-acre Javelin project located near Antler and the Tererro copper-gold-zinc project, northeast of the city of Albuquerque in northern New Mexico.