Mark Creasy, an Anglo-Australian millionaire worth US$764 million, was selling to Windward Resources his early-stage mining assets. According to people knowledgeable about the deal, the sale will only be for a portion of these assets.
Windward raised AUD$10 million at AUD$0.25 per share, said sources who were familiar with the matter. This represented a premium of 6.4% in the stocks' last-traded price of AUD$0.235 per share. Part of the funds will be used to pay for the acquisition, while the rest will be allotted for exploration of the assets in future.
For the sale, about AUD$7 million in cash will go to Creasy's Yandal Investments. In addition, Winward shares will also be given in exchange for the assets located near the Nova nickel-and-copper project of Sirius Resources in Western Australia, said the sources. The Nova deposits were believed to have features similar with Canadian ores such as those in Raglan, and Voisey's Bay and Thompson projects.
Sirius Resources owned a majority stake in Nova (70%), while Creasy owned the rest (30%). Also, the Aussie millionaire also owned a stake in Sirius through Yandal Investments. He has 20.3% stake in the AUD$480-million company.
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