Brightstar Resources Limited (ASX:BTR) agreed to acquire Kingwest Resources Limited (ASX:KWR) on December 23, 2022. Bill Hobba will retire from the Board of Brightstar, and Alex Rovira will be appointed Managing Director of Brightstar, in mid-January 2023. As of March 15, 2023.

Kingwest and Brightstar engaged in negotiations and have agreed to increase the Scheme consideration such that each Kingwest Shareholder will now receive 1 Brightstar share for every 0.38 Kingwest shares held at the Scheme record date (Revised Scheme). If the Scheme is approved and implemented, shareholders of Brightstar and Kingwest will hold 53% and 47%, respectively in the Merged Group compared with 57% and 43% respectively under the Initial Scheme. A Kingwest shareholder meeting will be convened on May 12, 2023 to approve the scheme.

As of May 12, 2023, the scheme was approved by Kingwest shareholders. As of May 18, 2023, the scheme was approved by Supreme Court of Western Australia. Longreach Capital is acting as financial advisor and Hamilton Locke is acting as legal advisor to Brightstar.

Steinepreis Paganin is acting as legal advisor to Kingwest. BDO Corporate Finance (WA) Pty Ltd acted as fairness opinion provider to Kingwest. Longreach Capital will be paid AUD 0.4 million in advisory fees.