Cassini Resources Limited, an ASX listed base and precious metals explorer holding a 30% joint venture interest in the West Musgrave nickel/copper project, were approached by Oz Minerals Limited, the holder of the remaining 70% interest in West Musgrave, to acquire Cassini.
ICA Partners jointly advised Cassini in its negotiations with Oz Minerals culminating in an agreed deal whereby Cassini shareholders received a significant premium over the Cassini pre-approach share price. The deal consideration involved Oz Minerals scrip (thus maintaining an interest in the West Musgrave project) and shares in Caspin Limited, a demerged entity holding Cassini’s exploration assets outside the West Musgrave joint venture.