Ramelius announces bid to take over Explaureum

Company News

by Anna Napoli

Gold miner, Ramelius Resources (ASX:RMS) has announced plans to make an off-market takeover bid for Explaureum.

Explaureum is a gold exploration and development company with a major project in Perth.

Under the offer Explaureum shareholders will receive one Ramelius share for every four Explaureum shares.

The offer price of $0.123  represents a premium of 66.2 per cent to Explaureum's last closing price of $0.074 on 7 September.

Ramelius says it has put its offer directly to Explaureum shareholders after failure to come to an agreement with the directors of the company.

Shares in Ramelius (ASX:RMS) cosed 2.17 per cent higher at $0.47 on Friday.