Patronus Resources Limited (ASX:PTN; 'Patronus' or 'the Company') is pleased to advise that it will acquire 500,000,000 shares in Geopacific Resources Limited (Geopacific or GPR) for total considera on of $10 million at $0.02 per GPR share, as sub-underwriter to the shor all to the GPR En tlement Offer scheduled to be completed on 24 January 2024 (refer Patronus' ASX announcement of 19 December 2024 and GPR's ASX announcements of 19 December 2024 and 22 January 2024).
Patronus will hold its GPR shares as a strategic investment. Deutsche Balaton / Delphi, who together hold 42.35% of Patronus shares, will also hold 46.1% of the shares in Geopacific on comple on of the En tlement Offer.
As described in GPR's Offer Booklet (refer GPR ASX announcement of 19 December 2024) following the acquisi on of shor all shares to the En tlement Offer pursuant to the sub-underwri ng arrangements (as permi ed under item 13 in sec on 611 of the Corpora ons Act), Patronus and Deutsche Balaton's relevant interests and vo ng power in Geopacific will be aggregated, as Patronus and Deutsche Balaton will be deemed to be associates under the Corporaons Act in respect of their Geopacific shares. This will result in Patronus having a deemed relevant interest of 61.8% in the Geopacific shares on issue.
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