Elysium Resources Ltd has successfully closed its takeover bid for unlisted copper mine Burraga Copper Ltd in New South Wales. This was according to a report published by Proactive Investors.

Acceptances were received for 99.8% ordinary shares of Burraga and 100% options of the same. Elysium is to compulsorily acquire the remaining equity of Burraga, the report explained.

Under the terms of the said offer, shareholders of Burraga received 6.5 shares of Elysium for each Burraga share currently held. They also received one share of Elysium for every Burraga option held, the report said.

The newly-merged firm is now planning to accelerate work programs at its copper asset Lloyds Copper mine, the report stated.

Burraga currently controls three connected exploration licenses. These licenses cover 183 square kilometers in New South Wales. Gold and copper-producing assets Lloyds Copper Mine, the Lucky Draw gold mine, and Hackneys Creek gold deposit are covered in the said licenses, Proactive Investors reported.