Geopacific said the new offer of one of its shares for every 1.1 Kula shares was its final one.

The previous offer was one of its shares for every 1.4723 Kula shares.

Pacific Road is a Sydney-headquartered private equity firm focused on the resources sector.

Kula is the owner of the advanced, pre-development Woodlark Island project that Geopacific was earning an up to 80% stake-in.

Woodlark is anticipated to be a 120,000 ounce per annum operation, with exploration and feasibility work underway.

Shares in Geopacific were up 13% to 3.5c in morning trade, capitalising the company at $40 million.