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Ramelius sweetens takeover offer for Explaurum to 13.4 cents per share


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Ramelius sweetens takeover offer for Explaurum to 13.4 cents per share

Ramelius Resources Ltd. improved its takeover offer for Explaurum Ltd. by 2 Australian cents per share, in addition to the existing offer of 1 Ramelius share for every 4 Explaurum shares.

The offer brings Ramelius' best and final offer to 13.4 cents per share, with the deal extended to Jan. 25, 2019.

According to a Dec. 13 statement, the improved offer represented a 57.6% premium to Explaurum's last closing price of 8.5 cents per share on Dec. 12.

The offer was also a 11.7% premium to Alkane Resources Ltd.'s subscription of 66,666,675 Explaurum shares at 12 cents each in October, which is subject to the approval of Explaurum shareholders.

Should Explaurum shareholders reject the Alkane transaction, Ramelius intends to immediately declare the deal unconditional and provide the offer payment to those who accepted the Ramelius offer. However, Ramelius will take its takeover offer off the table, should Explaurum shareholders approve Alkane's share subscription deal.

Major Explaurum shareholders representing around 14.3% of the shareholding intend to accept the improved offer, increasing Ramelius stake to 19.9%.

Explaurum is focused on advancing the Tampia Hill gold project in Western Australia, while Ramelius owns the Edna May gold mine, which was acquired from Evolution Mining Ltd. in 2017.