Geopacific ups Kula bid

GEOPACIFIC Resources has substantially boosted its offer for Kula Gold to win the support of Kula’s major shareholder Pacific Road, with the increased bid set to see Geopacific’s stake in the targeted company immediately jump from about 19% to 56%.
Geopacific ups Kula bid Geopacific ups Kula bid Geopacific ups Kula bid Geopacific ups Kula bid Geopacific ups Kula bid

Woodlark Island could prove to be a literal gold mine.

Michael Quinn

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.