Sylvania Resources revealed today (10th June) that it has increased its offer to snap up all the ordinary shares in Great Australian Resources Limited.

The company is now proposing one Sylvania share for every 12 Great Australian Resources shares, up from the offer it made last month of one for every 18.

As a result, the latter's shareholders are being offered a deal worth 12.9 Australian cents per share, which compares favourably to the company's current share price of 9.6 cents.

Sylvania is pressing ahead with its plans after also announcing in May that it intends to make an off-market takeover for all the ordinary shares in SA Metals Limited.

The company is hoping to combine its two targets' platinum projects on the Bushveld Complex in South Africa with its own tailings retreatment operations and shallow mining exploration interests in the region.

If the increased offer for Great Australia Resources is accepted, it would comprise 8,873,854 Sylvania shares, at a value of approximately A$8.8 million.

Source:

Sylvania Resources sweetens share offer for Great Australian Resources (10/06/09)

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