Stocks of the Hour: MSL Solutions, Lycaon Resources, Victory Goldfields
MSL Solutions (ASX:MSL) has announced that it has entered into a scheme Implementation Agreement with Plutus Bidco, an entity controlled by Pemba Capital Partners, which has agreed to acquire 100% of the issued share capital of MSL at $0.295 per share by way of a scheme of arrangement. The total cash consideration of $0.295 per share payable by Plutus Bidco implies an equity value of $119 million.The deal was at a 85 per cent premium to MSL Solutions’ last close and about 80 per cent to the one-month VWAP. MSL Solutions’ board is backing the deal, subject to it not receiving a higher offer. Shares are trading 72.7 per cent higher at 29 cents.
Lycaon Resources (ASX: LYN) announced that it has entered into a conditional binding Heads of Agreement to acquire the Stansmore REE carbonatite project, in the West Arunta region of Western Australia. Recent discoveries by WA1 Resources and Encounter Resources have demonstrated the potential for the West Arunta region to host significant rare earth elements type mineralisation systems. In response, Lycaon’s Technical Director, Thomas Langley, stated, “the historical drilling by BHP in 1982 intersected intrusives and strong carbonate alteration that may be related to REE-carbonatite mineralisation.” Encounter Resources will be on this Friday’s Hidden Gems webinar register here to attend. Shares are trading 27.4 per cent higher at 40 cents.
Victory Goldfields (ASX:1VG) reported their initial results from the recently completed 118 holes AC drill program at the Company’s North Stanmore REE project. The results confirm high grade ionic clay REE extension. In response, Victory’s Executive Director Brendan Clark commented, “Victory’s board has great confidence in these results and has fast tracked a further 10,000m of drilling across the project in search of further REE mineralisation and to infill the previous drilling program.” Shares are trading 63.9 per cent higher at 29 cents.
Copyright 2022 – Finance News Network
Source: Finance News Network
