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