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Geopacific gains controlling stake in Kula Gold

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%.