Emerald Resources NL (ASX:EMR) made a bid to acquire remaining 39.96% stake in Bullseye Mining Limited from Hong Kong Xinhe International Investment Company Limited, Au Xingao Investment Pty Ltd and others on May 24, 2023. Emerald Resources NL (ASX:EMR) entered into a bid implementation agreement to acquire remaining 39.96% stake in Bullseye Mining Limited from Hong Kong Xinhe International Investment Company Limited, Au Xingao Investment Pty Ltd and others for approximately AUD 110 million on July 26, 2023. The offer will be implemented by way of an off-market takeover offer. Under the offer, Bullseye shareholders will receive 1 new Emerald share for every 4 Bullseye shares held. Under the implementation agreement, it is proposed that Emerald will acquire all of the shares in Bullseye that it does not currently own in an all scrip based off-market takeover offer. Prior to this transaction, Emerald holds a controlling interest in Bullseye of 60.04%. Assuming 100% acceptance, Bullseye will become a wholly owned subsidiary of Emerald, with accepting and current Bullseye shareholders anticipated to hold approximately 20% of the enlarged Emerald capital structure. Xinhe and Au Xingao holding 67,517,828 shares, representing 13.94% and 1,963,500 shares, representing 0.14% stake respectively, have provided Emerald an intention to accept the offer, in the absence of a superior proposal. As of May 31, 2023, Bullseye Mining Limited has reported total equity of AUD 31.5 million, total assets of AUD 34.42 million. The offer has been recommended by an Independent Board Committee of Bullseye, comprising Executive Director, Peter Burns and Non-Executive Director, Anthony Short, in the absence of a superior offer. The offer is subject to a 75.54% minimum acceptance condition, court approval and a no regulatory action condition. Emerald will be entitled to compulsorily acquire any outstanding Bullseye Shares if Emerald?s Voting Power in Bullseye is at least 90%. The offer period will commence on August 21, 2023, and end on September 22, 2023, unless extended. As of September 14, 2023, Emerald Resources NL declares takeover offer for Bullseye Mining unconditional. As of September 14, 2023, the transaction is expected to close on September 22, 2023. As of September 21, 2023, Emerald has extended the closing date of the offer to October 6, 2023. The offer is a value accretive opportunity for remaining Bullseye shareholders to become Emerald shareholders. As on October 6, 2023, Emerald has extended the closing date of the offer to October 27, 2023. Emerald has extended the closing date of the offer to November 24, 2023. Steinepreis Paganin is acting as Australian legal adviser to Emerald. Mark Burchnall and Taila Childs of MPH Lawyers is acting as legal adviser to Bullseye. BDO Corporate Finance (WA) Pty Ltd acted as fairness opinion provider to Emerald Resources. BDO Corporate Finance (WA) Pty Ltd is entitled to receive a fee of AUD 0.038 million.

Emerald gives notice under section 650D(1) of the Corporations Act that pursuant to section 650C(1) of the Corporations Act it varies the Offer by: (a) extending the period during which the Offer will remain open for acceptance until 5:00pm (AWST) on Friday, January 26, 2024 unless withdrawn or further extended; and (b) replacing references to ?December 29, 2023? with ?January 26, 2024? in all places in the Bidder?s Statement and the Acceptance Form where ?December 29, 2023? appears as the last day of the Offer Period.

Emerald gives notice under section 650D(1) of the Corporations Act that pursuant to section 650C(1) of the Corporations Act it varies the Offer by: (a) extending the period during which the Offer will remain open for acceptance until, February 20, 2024, unless withdrawn or further extended; and (b) replacing references to ?January 26, 2024? with ?February 20, 2024? in all places in the Bidder?s Statement and the Acceptance Form where ?January 26, 2024? appears (or is deemed to appear) as the last day of the Offer Period. As of March 18, 2024, Emerald has resolved to extend the closing date of the Offer April 5, 2024. Emerald has today resolved to extend the closing date of the Offer to April 24, 2024.