(Kitco News) - Gold Road Resources (ASX:GOR) is making an offer for ApolloConsolidated (ASX:AOP), following Ramelius Resources (ASX:RMS) proposal fromearlier this month.
The Gold Road offer was announced today by Apollo.
Apollo is an Australian-based gold exploration company. Itholds a portfolio of tenements led by the Lake Rebecca Gold project, only150kms from Kalgoorlie. The Rebecca project has a 1.035 millionounce mineral resource.
Gold Road's proposal is an all-cash offer of 56 cents pershare Australian, implying an Apollo equity value of approximately A$166million on a fully-diluted basis.
Apollo said that Gold Road's offer of cash represents apremium to the current value of Ramelius' cash and scrip offer of 54.4 centsAustralian.
Gold Road is already Apollo's largest shareholder havingacquired 19.9%.
Over the past month Apollo Consolidated has traded up 59% to59 cents Australian.
By Michael McCraeFor Kitco News
Follow michaelmccraemmccrae@kitco.comwww.kitco.com