AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Ramelius has exceeded the minimum 90% interest in ordinary shares, required for the acquisition of Explaurum Limited (ASX:EXU).
In the release dated 6 February 2019, Ramelius Resources announced that it has reached 90% compulsory acquisition threshold and now holds 90.31% of Explaurumâs shares. It is in reference to off-market takeover offer under which Ramelius seeks to acquire all of the ordinary shares of Explaurum Limited at an exchange ratio of 1 Ramelius share for every 4 Explaurum shares plus cash consideration of $0.02 per share.
The Independent Directors of Explaurum have already shown their support to the offer as in the recent release the Independent Directors presented their unanimous recommendation that Explaurum shareholders accept the Offer in the absence of a superior proposal. The approval and acceptance by the EXU Board have reportedly been obtained for the acquisition offer.
The closing date of the offer has been extended from previous 15 February 2019 to 22 February 2019.
It was further stated the remaining Explaurum shareholders should accept the Offer before the closing date otherwise they will not be entitled to receive the consideration until after the compulsory acquisition process, which is expected to take more than one month after the close of the Offer.
Recently, Explaurum released its quarterly activities report for the period ended 31 December 2018. The company announced that follow up exploration drilling has been completed during the quarter at the Stiletto prospect, Dorset prospect and the Spartacus prospect in the Anomaly 8 area. And the drilling work identified the third new zone of gold mineralisation in the central part of Anomaly 8.
With respect to Tampia Project Feasibility Study update, Explaurum reported pre-tax NPV of approximately $156 million, up from $125 million, and pre-tax IRR of around 70%, up from 47%. Initial capital expenditure to commercial production was posted to approximately $111 million. Further, the metallurgical study at Tampia has confirmed that different ore types can be mined separately at Tampia, allowing low-cost, high recovery ore to be extracted first and consequently deferral of capital costs.
The report read that strike length of the Mace supergene gold zone has increased to over 1,100m while remaining open to the west and a gold soil anomaly connected with the supergene zone has extended a further 12km to the west. The infill drilling undertaken during the quarter has continued to intersect high-grade gold mineralisation, with up to 147 g/t Au at Mace, told Explaurum. The company intends to conduct additional infill drilling to test the 1,650 m strike to the west of the current Mace resource area.
As at 31st December 2018, Explaurumâs cash balance stood at $1.66 million.
Explaurum shares traded flat on 6 February 2019 with share trading volume of 156,881shares. EXU last traded at $0.160 with a market capitalization of $79.72 million.
Over the past 12 months, EXU has witnessed a positive performance change of 39.13% including a surge of 52.38% seen over the last three months.
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.
