https://www.engineeringnews.co.za

Gold Road abandons Apollo bid

8th November 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Gold miner Gold Road Resources on Monday said that it would not improve its 56c-a-share offer for takeover target Apollo Resources, after fellow-listed Ramelius Resources increased its own offer price.

Ramelius last week improved on its initial offer of 34c a share in cash along with 0.1375 Ramelius shares for each Apollo share held, to 34c a share in cash and 0.1778 Ramelius shares for each Apollo share held, increasing the offer value from 56c a share to 62c a share.

Gold Road told shareholders on Monday that it has not made a final decision on what to do with its 19.9% shareholding in Apollo, but has removed its bid in the market for Apollo.

The Apollo directors have backed the improved Ramelius offer, telling shareholders that in addition to attractive premiums, the revised offer provided certain cash consideration and optionality in relation to the liquid script consideration, and reduced the development risk associated with Apollo’s Lake Rebecca project, while avoiding potential future equity dilution during the development phase of the project.

Apollo’s Lake Rebecca project has a mineral resource estimate of 29.1-million tonnes, at 1.2 g/t gold for 1.1-million ounces of contained gold.
 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.077 1.117s - 140pq - 2rq
Subscribe Now