JOHANNESBURG (miningweekly.com) – Australian gold producer Ramelius Resources on Tuesday reported that its share offer for Dioro Exploration had expired on February 8, with a 37,51% acceptance.

Ramelius noted that the final acceptance amounted to around 34,3-million ordinary shares of Dioro, and added that the final result represented a 68% take-up of the Ramelius offer. This was regardless of Dioro’s independent director’s recommendation that Dioro shareholders accept a counter offer from Avoca Resources.

Avoca's offer comprised of A$0,65 cash, and 0,325 Avoca shares for each Dioro share held, while Ramelius offered 2,1 of its own shares for every Dioro share held.

Avoca reported on Tuesday that it held a 46,35% stake in Dioro.