Zenith Minerals Limited (ASX: ZNC) has issued a supplementary target’s statement confirming that its board of directors remains unanimously in favor of the off-market takeover bid from Forrestania Resources Limited (ASX: FRS). The board considers recent corporate developments at Forrestania, specifically the acquisition of the Edna May Gold Hub and a significant capital raise, as factors that bolster the strategic logic behind the merger.

The terms of the scrip-based offer remain unchanged, with investors set to receive one new Forrestania share for every 4.3 Zenith shares held. The board indicated that the consolidation provides a path to advance key assets, including the Consolidated Dulcie Gold Project, by leveraging a more robust balance sheet and improved financial flexibility within the combined group.

As an off-market bid, the transaction does not require a shareholder vote. Instead, individual investors must actively choose to accept the offer before the deadline. The board noted that directors have already committed their personal holdings to the deal. Those seeking to participate must submit their acceptances before the offer period officially concludes at 5:00pm AWST on 31 July 2026. No superior proposals have been received by the company to date.

Read the full announcement: ZNC Board Reaffirms Support For FRS OffMarket Takeover Offer