Gold Road Resources Limited (ASX:GOR) is seeking to acquire up to an additional 4.67% of De Grey Mining Limited (ASX:DEG) shares via its wholly-owned subsidiary, Renaissance Resources Pty Ltd as part of a strategic derivative transaction arranged by Credit Suisse.
Gold Road currently has an interest of approximately 15.32% in De Grey. If Gold Road elects to proceed with the transaction, Gold Road will announce its interest in De Grey before opening of trade tomorrow morning.
This intended acquisition of further shares in De Grey is consistent with Gold Road’s stated strategy to grow and diversify its growth pipeline. At this stage, this shareholding is seen as a long-term investment and Gold Road does not intend to make a takeover bid or other offer for De Grey, but Gold Road reserves its right to do so and to make further investments in De Grey at any time.