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EGA - Egan Street Resources

System

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Egan Street Resources owns the Rothsay Gold Project at which it has undertaken exploration activities and resource evaluation and assessment work on the previously operating Rothsay gold mine.

The Board's objective is to use the funds raised from the IPO to conduct a drilling program to expand known mineralisation and to increase the Indicated portion of the Rothsay Mineral Resource and to carry out evaluation, modelling and feasibility studies with the aim of, subject to positive results of such work, progressing a potentially near term, low capital intensity opportunity to commence development and gold production operations.

It is anticipated that EGA will list on the ASX during September 2016.

http://www.eganstreetresources.com.au
 

greggles

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After drifting sideways between 25c and 30c for more than six months, Egan Street Resources seems to be finally gaining some traction, although it is still early days.

The Quarterly Activities Report released on 30 April mentioned that a Mineral Resource Estimate (MRE) update for the company's Rothsay Gold Project is expected to be released in early May, so it is due any day now.

If I had any spare capital I'd be into this one for a punt. Watching with interest.

big.chart-EGA.gif
 

greggles

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Silver Lake Resources to take over EganStreet Resources.

Silver Lake is offering 0.27 Silver Lake Shares for every EganStreet share. The Offer Consideration values Egan Street at 40c per share which implies a $52 million total transaction enterprise value.

The EganStreet Board of Directors unanimously recommends that EganStreet shareholders accept the Offer and have indicated that they will accept the Offer in respect of all EganStreet shares they own or control, in both instances in the absence of a superior proposal.

Looks like a done deal and arguably a good one for EGA shareholders given that the company has never traded at or above 40c in the approximately three years it has been listed.
 

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On December 17th, 2019, Egan Street Resources Limited (EGA) was removed from the ASX's Official List following compulsory acquisition of the Company's securities by Silver Lake Resources Limited (SLR).
 
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