Eastern Metals Limited (ASX:EMS), soon to be renamed Raptor Metals Ltd, has announced that its off-market takeover bid for all shares in Raptor Resources Limited is now unconditional. Eastern Metals, which is focused on mineral exploration and development, particularly in the search for copper, gold, and base metals, confirmed that all remaining conditions of the offer have been either fulfilled or waived, as detailed in their previous announcements and the Bidder’s Statement. The offer is scheduled to close on 19 December 2025, unless extended.
Having secured a relevant interest in over 90% of Raptor Resources’ shares, Eastern Metals is proceeding with compulsory acquisition of the remaining shares under the Corporations Act. This process ensures that all Raptor Resources shareholders receive the same terms as the original offer. Eastern Metals will issue the consideration for the compulsorily acquired shares to Raptor Resources, who will then distribute the funds to the relevant shareholders.
The compulsory acquisition process is expected to take four to six weeks. Eastern Metals has lodged the necessary Compulsory Acquisition Notice with ASIC and will be sending correspondence to remaining Raptor Resources shareholders outlining the process and their rights.
Effective immediately, there have been changes to the Eastern Metals board. Mr Brett Wallace has been appointed as Managing Director, and Mr Adam Sierakowski as Non-Executive Chair. Mr Ian White has transitioned to a Non-Executive Director role, while Messrs Gregory Starr and Mark Dugmore have resigned as Non-Executive Directors. Mrs Amanda Wilton-Heald from Mining Corporate has been appointed as Company Secretary.