Geopacific Resources Ltd. said April 5 that it intends to make an off-market takeover offer to fully acquire Kula Gold Ltd.

The company, which can earn up to an 80% stake in Kula's Woodlark Island gold project in Papua New Guinea, will offer 1 share for every 1.47 Kula shares, equivalent to 2.8 Australian cents per Kula share.

Franklin Advisers Inc., which manages about a 17% interest in Kula, has agreed to accept the offer.