Australian gold producer Silver Lake Resources has improved its conditionality by revising the non-binding and indicative proposal to purchase St Barbara’s Leonora assets in Western Australia for A$718m ($465.3m).

Under the revised offer, St Barbara’s shareholders will receive A$370m ($239.77) in cash and 327.1 million shares of Silver Lake Resources, which are worth A$348m ($225.5m).

Silver Lake Resources said that Taurus Mining Finance Fund No 2 has advanced the credit facility to the stage where it is subject only to legal due diligence and execution of definitive documentation.

Taurus Mining Finance is the provider of a $150m credit-approved facility for the acquisition.

Besides, Silver Lake Resources said that if the company is granted due diligence access on or before 5 June 2023, it will have time to complete enquiries to progress the new proposal to the binding offer stage.

This is expected to be done before St Barbara shareholders are required to vote on Genesis Minerals’ proposal.

Silver Lake Resources stated: “Silver Lake confirms that the Taurus facility has been progressed to the point that it is subject only to legal due diligence and execution of full-form financing documentation so as to provide increased certainty regarding the Silver Lake Proposal.

“As previously disclosed, Silver Lake has commenced preparing the full form financing documentation in anticipation of engagement by the St Barbara board on the Silver Lake Proposal.”

The new offer is left open until 30 June 2023 by Silver Lake Resources.

Last week, St Barbara rejected Silver Lake Resources’ earlier revised indicative proposal of A$722m ($468m).

St Barbara said that Silver Lake Resources’ offer remains non-binding and unacceptably conditional and contrasts with the fully documented, funded and shareholder-supported offer from Genesis Minerals.