Royal Road Minerals Ltd. has launched a formal takeover bid for fellow TSX-listed miner Caza Gold Corp.

Royal Road said Jan. 20 that it is offering 0.16 of one of its own shares for each Caza share.

The two companies struck a deal to merge in early December 2016.

Royal Road has entered into amended lock-up agreements with Caza's largest shareholder and its directors and officers that collectively hold about 82% of the company.

As part of the deal, Caza's directors have agreed to resign on completion of the acquisition.