Silver Lake Resources

Silver Lake Resources’ 72% stake in Brazilian exploration company Paringa Resources will be whittled down to 33% when Paringa floats shares on the ASX in December. Silver Lake shareholders must decide whether to take up a priority entitlement in the explorer, which is issuing 33m new shares at 30c to raise $10m. Upon listing, Paringa will have a market capitalisation of just $18m and cash of $10m. The size of the business betrays its intention; this is an early stage explorer. It has pegged land prospective for gold, copper and graphite in several Brazilian states, but the miner is...

Silver Lake Resources’ 72% stake in Brazilian exploration company Paringa Resources will be whittled down to 33% when Paringa floats shares on the ASX in December. Silver Lake shareholders must decide whether to take up a priority entitlement in the explorer, which is issuing 33m new shares at 30c to raise $10m.

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