Congratulations to Spartan Resources Ltd (ASX: SPR) on entering into a Transaction Implementation Deed with Ramelius Resources Limited. Ramelius will acquire all of the ordinary shares of Spartan it does not already own, through a scheme of arrangement for A$0.25 in cash and 0.6957 new Ramelius shares per Spartan share. The Consideration implies a value of $1.781 per share, representing a premium of 27.5% to Spartan’s 30-day VWAP of $1.40 and valuing Spartan at approximately $2.4bn. Post completion of the transaction, Spartan shareholders will own 39.5% of the enlarged Ramelius.

The Combined Group will create a leading Australian gold producer with a supercharged growth profile, exceptional exploration upside and vision to increase production to 500koz by FY30.

Sternship Advisers is pleased to have acted as financial adviser to Spartan. Herbert Smith Freehills acted as legal adviser.

Congrats to Spartan’s Simon Lawson, Tejal Magan, David Coyne, Craig Jones and Nick Jolly.