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Silver Lake to acquire Egan Street for A$52M to consolidate gold reserves

Silver Lake Resources Ltd. said July 30 that it entered into a bid implementation deed to acquire Egan Street Resources Ltd., holder of the Rothsay gold project in Western Australia, for A$52 million.

The offer values Egan Street at 40 Australian cents per share, representing a 43.4% premium to the company's 30-day volume weighted average price of 27.9 cents, up to and including July 29.

The acquisition will allow Silver Lake to consolidate an additional resource of 454,000 ounces and reserve of 200,000 ounces at the Rothsay project and will provide a development opportunity to introduce a new high-grade ore source to an upgraded Deflector facility.

Egan Street's board of directors recommended that shareholders accept the offer. Egan Street's largest shareholder, Lion Selection Group Ltd., with a 16.2% holding, agreed to accept the offer.

In November 2018, Egan Street said its Rothsay gold resource estimate increased 13% to 454,000 ounces.