Michael Kiernan-chaired Territory Resources Ltd has acquired about 14 per cent of Herdsman-based mineral sands miner Olympia Resources Ltd, causing Olympia's share price to rise sharply for the second day running.
Territory picked up Northern Mining Ltd's 7.3 million shares, equal to a five 5 per cent stake, as well as the 6.7 million shares held by Olympia director Alan Lockett and his wife, and bought a further 6.3 million shares on the market.
Olympia's share price rose 25 per cent today to 13.0 cents at 1:10 WST, after closing up 3.1 cents - or 44.9 per cent - on Friday.
The acquisition comes after Territory accepted a placement of 5 million shares from another mineral sands producer, West Perth-based Matilda Minerals, Ltd for $2.7 million in September this year.
In an interview with WA Business News in July this year, Mr Kiernan expressed a desire to consolidate ownership of all his non-gold companies, which would include Matilda, Precious Metals Australia Ltd and India Resources Ltd.
The full text of an Olympia announcement is pasted below
Olympia Resources Limited ("Olympia") wishes to advise that Territory Resources Limited (ASX code TTY), a company Chaired by Mr Michael Kiernan, has acquired approximately 20.3 million shares as at the close of trade on the 16th November 2007.
Mr Alan Lockett, a director of Olympia and his wife have agreed to sell their shareholding of approximately 6.7million shares. Northern Mining Limited, of which Mr Lockett is Executive Chairman, has agreed to sell 7.3million shares.
The remaining 6.3millon shares were acquired on market.
The necessary Substantial Shareholders Notice will be lodged within the required time frame.
