PERTH (miningweekly.com) – Gold miner Ramelius Resources has gained a 90% foothold in takeover target Explaurum, with the offer to close on February 22.
Ramelius in December increased its offer for Explaurum by 2c a share in cash, and was offering Explaurum shareholders one of its own shares for every four Explaurum shares held, as well as 2c a share in cash for every Explaurum share held.
The new offer valued Explaurum shares at 13.4c each.
Ramelius said on Wednesday that on the close of the takeover offer, the company will rely on its compulsory acquisition powers under the Corporations Act to acquire the remaining shares in Explaurum.