Ramelius takes majority share in Breaker
PERTH (miningweekly.com) – Gold miner Ramelius Resources has acquired control of fellow-listed Breaker Resources, having obtained a relevant interest of more than 50.1% in the takeover target.
The gold miner has urged the remaining shareholders in Breaker to accept its all-scrip off-market takeover offer, under which Breaker shareholders will receive one Ramelius share for every 2.82 Breaker shares held, valuing the offer price at 40c a share.
The board of Breaker has unanimously recommended that shareholders accept the offer, and on Wednesday again lauded the merits of the offer, which included becoming a shareholder of a Top 10 Australian domestic gold producer with two operating gold production hubs with a yearly profitable gold output of 240 000 oz/y to 280 000 oz/y.
“Furthermore, the merged entity will look to combine the Lake Roe gold project with the Lake Rebecca gold project to establish a third gold production hub in Western Australia,” Breaker said in a statement.
The takeover offer is set to close on May 15.
Meanwhile, Ramelius is reportedly hunting for a buyer for its Vivien gold project, in Western Australia, and has appointed Argonaut PCF to seek non-binding indicative offers for the mine which is estimated to host a Joint Ore Reserves Committee-compliant resource of 460 000 t, at 4.1 g/t gold for an estimated 60 000 oz of gold.
Vivien was placed on care and maintenance earlier this year, with Ramelius having extracted about 260 000 oz of gold.
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