22/09/2009 - 14:40

Ramelius makes Dioro bid unconditional

22/09/2009 - 14:40

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Ramelius Resources has declared its takeover offer for Dioro Exploration unconditional after receiving the green-light from the Foreign Investment Review Board.

Ramelius Resources has declared its takeover offer for Dioro Exploration unconditional after receiving the green-light from the Foreign Investment Review Board.

Ramelius had required FIRB approval for its all-scrip takeover offer due to a Canadian gold fund holding 19 per cent of the company.

Ramelius is offering two of its shares for every Dioro share held.

"Having obtained FIRB approval, our offer for Dioro shares is now unconditional and I urge Dioro shareholders to become part of a well capitalised, high grade gold miner with potential for substantial growth," Ramelius chairman Robert Kennedy said.

Avoca Resources has already secured a 44 per cent stake in Dioro in a rival bid that closed last month. The company has previously said it will not accept Ramelius' takeover offer.

Ramelius currently holds 2.37 per cent of Dioro.

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