Brightstar Resources Limited (ASX:BTR) entered into a Bid Implementation Agreement to acquire Linden Gold Alliance Pty Ltd for AUD 23.7 million on March 25, 2024. For consideration each Linden Shareholder will receive 6.9 Brightstar shares for every one Linden share held. The Offer is subject to a limited number of conditions, the material of which include: subject to a regulatory approval, Brightstar shareholder approval, 90% minimum acceptance by Linden shareholders and option holders (Minimum Acceptance Condition), Various variations to agreements which Linden is party to with third parties becoming subject only to the Minimum Acceptance Condition and Brightstar shareholder approval, Obtaining all necessary third party approvals, No prescribed occurrences in relation to Linden, No material adverse change in relation to Linden or Brightstar, No adverse regulatory event affecting the Offer, Linden or its assets.

Upon successful completion of the Offer, Linden shareholders will own 32% of Brightstar on an undiluted basis (excluding the Placement) and Linden will become a wholly owned subsidiary of Brightstar. Linden Directors Andrew Rich and Ashley Fraser to be appointed as Executive Director and Non-Executive Director respectively of Brightstar at successful completion of the Offer. Highly regarded natural resources industry professional Richard Crookes will join the Board of Directors as Independent Non-Executive Chairman subject to the successful completion of the Offer.

The transaction is expected to close on May 30, 2024. Longreach Capital is acting as financial adviser and Hamilton Locke is acting as legal adviser to Brightstar in relation to the Offer. Argonaut PCF is acting as financial adviser and Gilbert and Tobin acting as legal adviser to Linden in relation to the Offer.