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 McCraeFor Kitco News
Follow michaelmccrae