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Ramelius declares 13.4-cent-per-share takeover offer for Explaurum unconditional

Ramelius Resources Ltd. said Dec. 18 that its improved takeover offer for Explaurum Ltd. is now unconditional.

Under the deal, which Explaurum's board unanimously approved, Ramelius offered 2 Australian cents per share on top of its original offer of 1 Ramelius share for every 4 Explaurum shares, valuing the deal at 13.4 cents per share.

Ramelius will provide short-term funding to Explaurum to meet its financial commitments and to provide ongoing working capital until the end of January 2019. The loan is repayable June 30, 2019.

Shareholders representing 29.68% of Explaurum have accepted the offer, which is scheduled to close Jan. 25, 2019.