Explaurum Updated On Extension Of Its Takeover By Ramelius Till 22 February 2019

Explaurum Updated On Extension Of Its Takeover By Ramelius Till 22 February 2019

With reference to the announcement made on 31st January 2019 on ASX about Ramelius Resource Limited’s (ASX: RMS) offer to takeover Explaurum Limited (ASX: EXU), it is further clarified that closing date for the offer has been extended to 22nd February 2019 (until any further extension).

Explaurum’s directors had earlier reaffirmed their acceptance of the Ramelius offer. It has now appealed to all the interested shareholders to accept the offer as soon as possible as the closing date is impending. It reinstates that Ramelius require a minimum of 90% of EXU’s shares for mandatory acquisition compliances before the closing of the offer. Non-obliged investors may face significant risks as minority shareholders as EXU’s share price may fall, liquidity issue may arise, and potential to get de-listed from ASX. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

Ramelius Resource made an offer of $59.2 mn in September 2018 at 12.3 cents per share which was 66.2% premium to the Explaurum Limited shares at that time. After the acquisition, Ramelius was expected to ramp up its productivity at Tampia hill site which holds ore reserves of around 7.2 Mt at a 2.09 g/t gold and total mineral reserves of around 675,000 oz from 11.7 Mt at 1.79 g/t.

Explaurum Limited is involved in the exploration and development of gold at Tampia Gold Project. It was discovered in 1987, and 324,000 oz of gold was estimated at the initial site in 2000. After its acquisition of Tampia in September 2015, its mineral resources were estimated to be about 675,000 oz of gold from 11.7 Mt with a grading of 1.79 g/t Au and its initial ore reserves were estimated to be about 485,000 oz of gold from 7.2 Mt with a grading of 2.09 g/t Au.

Ramelius Resources Limited is the gold producer in Western Australia. It got listed on ASX in 2003. Its operations are based in Vivien, Mount Magnet and Edna May, and many of its exploration projects are being carried out in Nevada (USA) along with Western Australia. It is expected that its gold production would be between 45-50,000 oz at an AISC of A$1000-A$1100 per oz for the March 2019 quarter. Its capital and project development expenditure is expected to be around A$23.3 mn, and its asset acquisition cost is anticipated to be A$15.7 mn for this quarter.

On stock information, Explaurum Limited last traded at A$0.160 (as at February 5, 2019), with the market capitalisation of around A$79.72 mn. Its earning per share is -0.005 AUD. Its 52 weeks high has been noted at A$0.162 and 52 weeks low at A$0.070. The outstanding shares on its balance sheet were noted at 498.22 mn.

Ramelius Resource Limited last traded at A$0.565, down by 0.877% (as on February 5, 2019), with the market capitalisation of around A$353.74 mn. Its earnings per share are 0.058 AUD for this financial year, and its current price to earnings ratio is 9.760. Its 52 weeks high has been noted at A$0.645 and 52 weeks low at A$0.380. The outstanding shares on its balance sheet were noted at 620.6 mn.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Checkout our Free Dividend Stocks Report

Specially made for income-hungry investors, Invest in growing Franked Dividends an opportunity that should not be missed.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report