Ramelius Makes Takeover Bid for Spectrum Metals

Ramelius and Spectrum have entered into a takeover agreement, where Ramelius will acquire the issued and outstanding shares in Spectrum.

Ramelius Resources (ASX:RMS,OTC Pink:RMLRF) and Spectrum Metals (ASX:SPX) announced that they have entered into a bid implementation agreement, pursuant to which Ramelius will offer to acquire all of the issued and outstanding ordinary shares in Spectrum that it does not already own under the terms of an off-market takeover offer.

Highlights are as follows:

  • Ramelius to acquire Spectrum Metals, owner of the high-grade Penny West gold project
  • Penny West is one of the highest-grade undeveloped gold assets in Australia with a gold resource currently
    of 799,000 tonnes at 13.8 grams per tonne (g/t) for 355,500 ounces
  • Cash and scrip offer of AU$0.152 per Spectrum share, a 52 percent premium to Spectrum’s last closing price
  • Shareholders of both companies to benefit from significant synergies between Penny West and Ramelius’
    Mt Magnet operation
  • Ramelius has financial capacity and operational expertise to continue to explore and to develop the Penny West gold project
  • Spectrum directors unanimously recommend that Spectrum shareholders accept the offer
  • Spectrum directors intend to accept the offer for all their shares

Mark Zeptner, managing director, commented:

There is clear logic in the combination of Spectrum’s assets with Ramelius’ WA operations. After the successful acquisition of the Marda and Tampia Hill gold projects in 2019, Ramelius is focussed on building on its growth strategy to extend mine life and maximise the value of existing infrastructure in its portfolio. This compelling offer is the next step in that growth strategy and is expected to provide significant benefits to both
Spectrum and Ramelius shareholders.

Click here to read the whole Ramelius Resources (ASX:RMS,OTC Pink:RMLRF) press release.

Mobilisation for Tempus’ 2021 Gold Exploration Drilling

Tempus Resources Ltd. (“Tempus Resources” or the “Company”) (ASX:TMR)(TSXV:TMRR)(OTCQB:TMRFF) is pleased to announce that mobilisation is underway for the 2021 Exploration Program at the Elizabeth Gold Project in southern BC, Canada

The Company has executed a contract with Full Force Diamond Drilling Ltd. for the provision of diamond-core drilling services at Elizabeth. The flexible contract provides for drilling of up to 12,000 cumulative linear metres. In support of the Program, road clearing and preparation of drilling pads has commenced, and a base line environmental sampling and cultural survey is being coordinated. The drill rigs and operators are expected to complete mobilisation to Elizabeth by late-May. Further information regarding the drilling for the Elizabeth Project 2021 Exploration Program is set out later in this announcement.

Keep reading... Show less

Sentinel Commences Field Investigation of Gold and Silver Projects in New South Wales, Australia

Sentinel Resources Corp. (CSE: SNL) (US OTC PINK: SNLRF) (“Sentinel” or the “Company “) announces that all of its exploration licenses in New South Wales, Australia have now been granted. The Company has commenced contacting landholders in high priority areas in order to negotiate the access agreements required prior to conducting field visits on private property. As previously announced, the Company has identified four priority areas for initial inspection: Carrington, Hill End South, Golden Bar, and Toolom South.

Carrington – Silver Project

Keep reading... Show less

OceanaGold Strengthens Board of Directors with New Additions


OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) appoints Mr. Michael (Mick) James McMullen and Mr. Paul Benson as Non-Executive Directors to the Company Board of Directors (the “Board”).

Keep reading... Show less

Best Gold Stocks on the ASX

Click here to read the previous best ASX gold stocks article.

2020 was a record-breaking year for gold, which surged above US$2,060 per ounce in August.

However, the yellow metal faced some downward pressure in the first quarter of 2021, falling below US$1,750 in March. The major forces acting against gold in Q1 of this year included rising US 10 year Treasury yields and the growing value of the US dollar.

However, there is still plenty of investor interest in the metal due to continued global economic uncertainty related to the COVID-19 pandemic. Supply is also a growing concern due to decreased gold exploration efforts over the last few years, especially among larger companies.

Keep reading... Show less

NCM – Senior Management Announcement – Finance Director & CFO to Retire

Newcrest Mining Limited (ASX: NCM) (TSX: NCM) announces that Gerard Bond, the Company’s Finance Director and Chief Financial Officer, has decided to retire effective 3 January 2022 when he will mark 10 years in the role.

Mr Bond said, “It has been an honour and privilege to serve as the Finance Director and CFO over the past decade and be part of the transformation of the Company”.

Keep reading... Show less

Top News

Related News