Ramelius Resources Limited has announced that it accelerated the payment terms of its planned acquisition of Breaker Resources NL and declared its takeover offer unconditional.
Currently, Ramelius has a 48.93 per cent interest in Breaker but plans to acquire all of the ordinary shares of the latter, with its directors unanimously recommending that Breaker shareholders accept the offer without delay.
The offer is extended to 15 May 2023, with Ramelius saying the offer consideration is the best and final, and will not be increased unless there is a competing proposal.
Breaker shareholders who have already validly accepted the offer will be issued their offer consideration within 10 business days.
In March, Ramelius announced its planned acquisition of Breaker, which wholly owns the Lake Roe Gold Project, 50 km away from Ramelius’ Rebecca site in Western Australia (WA).
Ramelius currently owns and operates the Mt Magnet, Edna May, Marda, Tampia, and Penny gold mines, all of which are located in WA.
It noted that the ore mined from the Penny underground mine is hauled to the Mt Magnet processing plant where it is blended with ore from both underground and open pit sources at the site.
The Edna May operation is processing high-grade underground ore from the adjacent underground mine and the ore from the satellite Marda and Tampia open pit mines.
The company said ore from the Symes project, which is currently in its early stages of development, will be hauled to the Edna May plant by 2024 financial year.
