Emerald Resources announced that it has closed its off-market takeover offer for all of the fully paid ordinary shares of Renaissance Minerals that it does not already own.
The Company, which holds 96% interest in Renaissance, is proposing to acquire the remaining shares in the company under the terms announced earlier this year.
Emerald is offering 1.55 new shares for each Renaissance share, a proposal which values the company at A$40 million.
According to Emerald, the acquisition will take approximately 4 to 6 weeks to complete.
If completed, the transaction will create a well-funded, mid-tier gold development company with a pro-form market capitalisation of approximately A$95 million and approximately A$20 million in cash.