Overview of Emerald Resources' takeover bid for Bullseye Mining Limited

Emerald Resources NL (ASX: $EMR) has recommended and made unconditional its takeover offer for all of the issued shares of Bullseye Mining Limited (Bullseye) that it does not already own. The company's equity position in Bullseye stands at 78.06%, with 76.73% not subject to withdrawal rights and irrevocable. The payment terms for Bullseye shareholders who have not yet accepted the offer have been accelerated to within 10 business days, and they are encouraged to do so before the offer closes at 5pm (AWST) on Wednesday 24 April 2024.

Executive commentary on the takeover offer and shareholder encouragement

Emerald's Managing Director, Morgan Hart, stated, 'We are pleased that Bullseye has now complied with their obligations under the Panel orders. We urge those Bullseye shareholders who have not yet accepted the Offer to accept without delay before the Offer closes at 5pm (AWST) on Wednesday 24 April 2024.'

Summary of the takeover offer and outlook

Emerald Resources' takeover offer for Bullseye Mining Limited has been made unconditional, with the company's equity position in Bullseye at 78.06%. Shareholders are encouraged to accept the offer, which remains open until 5pm (WST) on 24 April 2024. The company aims to ensure that Bullseye remains adequately funded to meet its immediate and future strategic and operational objectives, as well as repay outstanding debts. The Independent Expert's Report confirms that Xinhe and Au Xingao did not obtain a net benefit in connection with the offer that was not provided to the minority shareholders of Bullseye. Emerald Resources is committed to the completion of the takeover offer and looks forward to a successful acquisition.