Ramelius Resources ups bid for Apollo Consolidated

Ramelius Resources (ASX:RMS) is increasing its offer for Apollo Consolidated (ASX:AOP).

Ramelius said today that it will pay 34 cents in cash plus .1778 Ramelius shares for each Apollo share, a total offer worth A$181 million.

Apllo's board supports the offer.

The bid upsets Gold Road Resources (ASX:GOR) offer from last month, which was about A$166 million on a fully-diluted basis and trumped an earlier Ramelius offer.

Apollo is an Australian-based gold exploration company. It holds a portfolio of tenements led by the Lake Rebecca Gold project, only 150kms from Kalgoorlie. The Rebecca project has a 1.035 million ounce mineral resource.

By Michael McCrae

For Kitco News

Follow michaelmccraemmccrae@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Gold and silver price ETFs see major net outflows

Gold stocks decline by less than metal price

A shift to the later stages of gold and silver bull markets

Gold stocks plunge on metal drop

Gold stocks still up after pullback late in the week