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APAC Resources buying 38.09% stake in Tanami Gold for A$20.1M

Hong Kong-listed APAC Resources Ltd. on Feb. 2 agreed to acquire a 38.09% stake in ASX-listed gold explorer Tanami Gold NL for A$20.1 million.

APAC Resources is acquiring 447,612,786 Tanami shares from Allied Properties Resources Ltd. through subsidiary APAC Resources Mining Ltd. Allied Properties Resources is a member of the Allied Group, which has a 33.93% stake in APAC Resources.

Closing of the deal is subject to the satisfaction or waiver of various conditions, including approval from independent shareholders of both parties.