CARRICK Gold Ltd has made a $23 million cash-and-scrip takeover offer for fellow gold explorer Shannon Resources Ltd. The offer will deliver a big gain for Frank Carr who chairs both companies and is Shannon’s biggest shareholder with a 38 per cent stake. After raising $2.1 million in its initial public offering last year, Shannon’s share price rocketed up to 90 cents from 20 cents last year. It now trades at 55 cents per share. Shannon shareholders will receive 10 cents for each fully paid share and one Carrick share for every two shares held.