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.