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Kula Gold Ltd.'s major shareholder, Pacific Road, has formally accepted Geopacific Resources Ltd.'s higher takeover offer.
Geopacific upped its bid earlier in July to 1 share for every 1.1 Kula shares, from 1 share for every 1.47 Kula shares previously.
Pacific Road's stake in Kula Gold is 37.2%, which now gives Geopacific a controlling interest of 56.22%.