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Independence puts the moves on Windward with A$20.5M offer

Independence Group NL will soon launch a A$20.5 million cash bid for Mark Creasy-backed and fellow ASX-listed Windward Resources Ltd.

Creasy has already given his nod to the 19-cent-per-share, off-market offer for the 27.44% stake in Windward that he controls, according to an Oct. 5 statement.

The motivation for the takeover is Windward’s ownership of a tenement package that adjoins Independence’s Nova nickel project in the highly prospective Fraser Range region of Western Australia.

“A portion of Windward’s tenement package is contiguous with the Nova mining lease and thus there is a clear rationale for this bolt-on transaction,” Independence Managing Director Peter Bradford said.

Windward owns tenements covering about 1,700 square kilometers, of which about 47 square kilometers abuts the Nova project, which is due to be commissioned later in October.

Windward’s board is unanimously in favor of the deal that values the company at a 46% premium to the last traded share price of 13 cents on Sept. 16.

A condition of the deal is that Windward shareholders do not approve an earlier placement and underwriting deal with Eastern Goldfields Ltd.

Eastern Goldfields planned to subscribe for A$2.2 million worth of Windward shares and also agreed to underwrite a A$3.8 million nonrenounceable 1-for-4 entitlement offer.