Money talks: Gold miner Ramelius now owns 95.58pc of fiesty explorer Explaurum

“There’s nothing like being cashed up”, declares 200,000 ounce a year gold miner Ramelius (ASX:RMS) in its latest presentation.

Ramelius now owns 95.58 per cent of sought-after junior explorer Explaurum (ASX:EXU), and intends to rely on compulsory acquisition powers under the Corporations Act to acquire the remaining Explaurum shares.

Holdouts will still get the same offer — one Ramelius share for every four Explaurum shares, plus $0.02 cash per Explaurum share.

After months of railing against a hostile takeover bid from gold miner Ramelius (ASX:RMS), Explaurum finally recommended shareholders accept an “improved, best, and final” off-market offer in December.

Ramelius says  Explaurum will be removed from the official ASX list in early March.

Explaurum’s key asset is the 675,0000-ounce Tampia project, about 130km from Ramelius’ Edna May mine is Westonia, Western Australia.

Ramelius will undertake a strategic review to determine the best way to develop the project, considering either trucking the ore to Edna May or developing a standalone project.

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