Northern Star Resources Ltd. made binding offers to acquire a further 49% stake in the East Kundana gold project in Western Australia from Tribune Resources Ltd., Rand Mining Ltd. and Rand Exploration NL for A$150 million in cash.
The company will acquire the 36.75% interest held by Tribune for A$112.5 million and the 12.25% interest of Rand Mining and Rand Exploration for A$37.5 million. The company made the offer to acquire the stake in light of the shareholder dispute that has arisen between Tribune and Rand.
Northern Star currently holds 10,000 shares in Tribune Resources and a 4.9% stake in Rand Mining, according to the Nov. 13 release.
The deal is targeted to complete on Jan. 31, 2019.
Northern Star has held the controlling 51% interest in East Kundana since acquiring it from Barrick Gold Corp. on March 1, 2014.
