Adaman Resources Pty Ltd made an indicative and non-binding proposal to acquire Egan Street Resources Limited (ASX:EGA) for AUD 55.8 million on October 16, 2019. Under the terms of the offer, Adaman Resources would acquire 100% of the shares in EganStreet for AUD 0.40 per share in cash, by way of a recommended takeover bid or scheme of arrangement. The offer is subject to a number of conditions including obtaining a AUD 60 million facility with Remagen Capital Management Pty Ltd to fund the acquisition of EganStreet, completion of due diligence by Adaman and Remagen to their satisfaction, unanimous recommendation from the EganStreet's board and execution of a binding implementation agreement. Adaman Resources Pty Ltd cancelled the acquisition of Egan Street Resources Limited (ASX:EGA) on December 13, 2019. Silver Lake Resources Limited (ASX:SLR) acquired 97.29% stake and will acquire remaining through compulsory acquisition.