Singapore-based Brahman Capital Management Pte Ltd is the investment manager of Brahman Pure Alpha, which now holds 26,754,056 shares.
This total was reached on August 21 after a series of purchases from August 17 to that date with prices ranging from 20.5 cents to 22 cents.
Arrangement with OZ Minerals
This binding scheme implementation deed will result in OZ Minerals consolidating 100% ownership of the West Musgrave Project and surrounding tenements to 100%.
Cassini also intends to undertake an inter-conditional demerger of its Yarawindah Brook and Mount Squires assets into a new company, Caspin Resources Limited which intends to apply to list on the ASX.
Its shareholders will receive immediate value for the West Musgrave Project and ongoing exposure to upside from future project value, as well as Yarawindah Brook and Mount Squires, via Caspin.
The OZ Minerals deal alone at 16 cents per Cassini share provides an implied enterprise value of A$76 million as at June 19, 2020.
A pre-feasibility study (PFS) released in February 2020 showed West Musgrave to be a low-cost, long-life (26-year), copper-nickel open pit project with a low carbon footprint.
This project is in Western Australia near the borders of South Australia and the Northern Territory.
Last month, Cassini added to the prospectively of the Yarawindah Brook Nickel-Copper-PGE Project near New Norcia in WA with new target areas identified that have had little to no previous exploration.
The company also received further encouraging results from recent diamond drilling with semi-massive sulphide zones intersected.
Published at Tue, 25 Aug 2020 06:01:00 +0000-Cassini Resources substantial shareholder lifts stake to 6.1172%