Mineral Resources Limited (ASX:MIN) offered to acquire remaining 80.1% stake in Norwest Energy NL (ASX:NWE) for approximately AUD 380 million on December 16, 2022. As per terms, The consideration will only be paid in stock. MinRes intends to offer one fully paid ordinary share in MinRes for every 1,367 Norwest shares held. The Offer implies an offer price of AUD 0.06 per Norwest Share. As of January 24, 2023, MinRes intends to offer one fully paid ordinary share in MinRes for every 1,300 Norwest shares held. The Offer implies an offer price of AUD 0.0741 per Norwest share. The maximum number of MinRes Shares which would be issued under the Offer is approximately 4,191,895 MinRes Shares. Mark Wilson and Yenna Ong has been appointed as Non-Executive Directors of Norwest. Managing Director Iain Smith and Non-Executive Director Bruce Clement have resigned from the Board of Directors of Norwest. Ernie Myers remains as Non-Executive Chairman. If a threshold of 90% will achieved, Mineral Resources Limited will go for the compulsory acquisition for all remaining shares. The Norwest Board advises shareholders to take no action in relation to the Offer until they receive further advice from the Norwest Board. As of January 3, 2023, the tender offer has commenced. As of January 10, 2023, the directors of Norwest recommend the shareholders reject the offer. Norwest’s Directors have unanimously recommended the shareholders to accept the offer. As of April 17, 2023, Mineral Resources Limited has acquired over 80% interest in Norwest Energy and the rollover condition has been fulfilled. As of January 24, 2023, the offer has become unconditional and is expected to close on February 20, 2023. As of February 17, 2023, transaction closing date for acceptance of the offer has been extended to March 16, 2023. As of March 16, 2023, the offer is now scheduled to close on March 30, 2023. As of March 30, 2023, the offer has been extended till April 29, 2023.

J.P. Morgan Securities Australia Limited acted as a financial advisor, Gilbert and Tobin acted as a legal advisor, and Computershare Investor Services Pty Limited acted as a registrar to Mineral Resources limited. Euroz Hartleys Limited was a financial advisor, and Corrs Chambers Westgarth was a legal advisor to Norwest Energy NL.