Australian gold miner Ramelius Resources has made an improved acquisition bid of $0.621 per share for Apollo Consolidated, thereby exceeding the offer from Gold Road Resources.

Under Ramelius’ revised offer, Apollo Consolidated shareholders will receive $0.621 per share comprising $0.34 in cash and 0.1778 Ramelius shares for each share held.

The offer gives an estimated value of $181m for Apollo Consolidated.

The latest offer represents a 10.7% premium to Gold Road Resources’ bid of $0.41 (A$0.56) per share in cash. Gold Road made the offer last month.

Last month, Ramelius initially made an offer of $0.42 (A$0.562) per share to Apollo Consolidated’s shareholders, including $0.25 (A$0.34) in cash and 0.1375 Ramelius shares.

Apollo Consolidated’s board of directors has unanimously recommended the company’s shareholders accept the revised offer if there is no superior bid.

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In a press statement, Ramelius said: “Ramelius has entered binding agreements with Apollo’s board and a substantial shareholder to immediately accept into the revised offer in relation to shares which they own or control, which will result in Ramelius having acquired a 19.9% interest in Apollo.”

Apollo told shareholders that the revised offer would reduce the development risk associated with Apollo’s Lake Rebecca project.

It is also expected to avoid potential future equity dilution during the project’s development phase.

The Lake Rebecca Gold Project covers a greenstone belt on the eastern margin of the Norseman-Wiluna Greenstone Belt.

The belt is located at the southern end of the Laverton Tectonic Zone, which holds multiple gold camps.

The project comprises three advanced and growing gold discoveries, including Rebecca, Duke, and Duchess.