Stunalara shareholders will get 6.45 Inca shares per share, valued at around $0.045, under the offer. Credit: Bjoern Wylezich/Shutterstock.

Junior resource company Inca Minerals has entered into a binding bid implementation agreement to acquire Australian exploration company Stunalara Metals through an off-market takeover bid.

If completed, Stunalara shareholders will receive approximately 300 million fully paid Inca shares priced at $0.006, equating to roughly 22.6% of Inca post-bid.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Under the offer, Inca has valued Stunalara at A$1.8m ($1.13m). Stunalara shareholders will receive 6.45 Inca shares for each Stunalara share held, valuing each Stunalara share at approximately $0.045.

The offer is subject to standard conditions, including Inca acquiring at least 90% of all Stunalara shares.

Stunalara has 100%-owned exploration projects in Queensland, Tasmania and Western Australia (WA). Its key asset, the Hurricane exploration project in north Queensland, contains high-grade gold and gold-antimony prospects.

The Hurricane Project, located around 125km north-west of Cairns, consists of three granted exploration licences covering 75.65km² in the Hodgkinson Basin.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Stunalara also owns the Mt Read project in Tasmania, with potential for nickel, copper, cobalt and gold. It also has several projects in WA with uranium and gold potential including Mulga Rocks, Boomerang Lakes and Ballard Central North, all located near Kalgoorlie.

Inca CEO Trevor Benson said: “Having carefully considered a number of acquisition proposals since I was appointed as CEO last year, it became abundantly clear that Stunalara was a standout opportunity. Its high-grade gold and gold-antimony Hurricane Project in NQ [North Queensland] presents a unique opportunity to explore a project with multiple strongly mineralised veins, which have historical workings but have never been drilled.

“In addition, the under-explored Mt Read project in Western Tasmania is located in an area where multiple significant precious and base metal deposits have been discovered, developed and mined over the last 100 years.”

Stunalara has appointed an independent expert to assess the fairness and reasonableness of the offer, given that Inca director Andrew Haythorpe also serves as Stunalara’s director and holds an 18.6% stake.

The company has formed an independent board committee to evaluate the proposal.