Independence takes major stake in Windward

PERTH (miningweekly.com) – Metals miner Independence Group has secured a majority stake in takeover target Windward Resources.

Independence, which launched a 19c a share offer for Windward earlier this month, has now acquired over 50.1% of Windward’s ordinary shares through acceptance of the offer and on-market purchases.

As of Friday, Independence held a 54.72% interest in Windward.

Independence has encouraged the remaining shareholders to accept the takeover offer, which was scheduled to close on November 30, unless extended.

Windward holds a number of exploration tenements within the Fraser Range, covering a total area of 1 700 km². A portion of these tenements is contiguous with the Nova mining lease, where Independence is developing the Nova nickel/copper/cobalt project.