Ramelius Resources (ASX:RMS) to acquire Apollo Consolidated (ASX:AOP)

Ramelius Resources (ASX:RMS) now owns 90.82 per cent of the shares of Apollo Consolidated (ASX:AOP). It will compulsorily acquire the remaining shares at $0.34 in cash plus 0.1778 Ramelius shares for each Apollo share.

Apollo is an early-stage gold exploration company. Its lead asset is the Lake Rebecca Gold Project near Kalgoorlie. Lake Rebecca has three main deposits currently defined: Rebecca, Duke and Duchess.

Ramelius first entered into a bid implementation agreement with Apollo in October this year. The move was in line with a strategy to acquire either in-production assets, or assets that have the potential to become operations in their own right.

In November, Ramelius trumped an offer from Gold Road Resources (ASX:GRR) of $0.56 per Apollo share with an offer of $0.62 per share.

Shares in Ramelius Resources (ASX:RMS) are trading 2.3 per cent lower at $1.46.