Ramelius Resources Limited (ASX:RMS) made an offer to acquire Musgrave Minerals Limited (ASX:MGV) from group of sellers for AUD 200 million on July 3, 2023. The cash component of the consideration will be settled from existing funds. The transaction is subject to minimum tender and Musgrave Minerals Limited board approval. Musgrave must pay Ramelius a break fee of AUD 1.68 million. As of July 3, 2023, Musgrave Minerals Limited board approved the deal. Under the takeover offer the maximum number of Ramelius Shares to be issued to Musgrave Share and Option holders is 146,355,808 whilst the maximum cash consideration payable to Musgrave shareholder is AUD 23.6 million. The Musgrave board unanimously recommends the offer. The transaction is expected to close on August 14, 2023. As of July 17, 2023, the transaction is expected to close on August 18, 2023. As of August 11, 2023, the offer will close on September 1, 2023. As of August 25, 2023, Ramelius has extended the Offer to September 15, 2023. As of August 28, 2023, Ramelius Resources Ramelius is pleased to declare the Offer unconditional and free of all defeating conditions. As on September 4, 2023, Ramelius Resources reached a controlling interest above 50.1% of Musgrave?s issued share capital leading to Board changes. Ramelius will now occupy a majority position on the Musgrave board of Directors. Three Musgrave directors resign from the Board effective immediately, while Ramelius appoints three representative directors Mark Zeptner, Tim Manners and Alan Thom to manage their controlling, majority interest. Richard Jones will join as Joint Company Secretary. Ramelius has engaged Allion Partners as legal advisor in relation to the transaction. Musgrave has engaged Longreach Capital as financial advisor and Thomson Geer as legal advisor to the transaction. Deloitte Tax Services Pty Ltd. acted as accountant to Musgrave Minerals Limited.

Ramelius Resources Limited (ASX:RMS) completed the acquisition of Musgrave Minerals Limited (ASX:MGV) from group of sellers on September 15, 2023. Ramelius has now acquired a relevant interest in excess of 90% of Musgrave shares. Ramelius will move to compulsory acquisition of all remaining Musgrave shares. The independent Musgrave Directors have unanimously recommended that remaining shareholders accept Ramelius? Offer.