Jim Askew’s Federation launches spoiler NZ consolidation play to sink Sprott-backed deal
New Zealand's new "open for business" strategy, combined with booming gold and antimony prices, has prompted privately-run Federation Mining to make an unsolicited all-scrip bid for Siren Gold in an attempt to backdoor list on the ASX.The incomplete, non-binding, indicative bid contemplates offering 1.
Federation, which was founded in 2018 by former Evolution Mining pair Jim Askew and Mark Le Messurier, wants the Rua deal scrapped as a condition of the merger. It is prepared to provide Siren interim funding of up to $4.5 million, allowing it to repay a $1 million loan with Rua, while AustralianSuper will underwrite up to $20 million of a planned capital raising.Federation is developing the Snowy River gold project and is targeting becoming a 60,000-65,000ozpa producer over a decade from 2026.
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