Australia's Takeovers Panel refused to make a make a declaration of unacceptable circumstances in relation to Energy Resources of Australia's (ASX:ERA) around AU$880 million equity raise, according to a Tuesday filing with the Australian bourse.

In its findings published on the same day, the Takeovers Panel said appropriate measures were taken to ensure the independence of the Rio Tinto (ASX:RIO)-owned company's independent board committee and that potential conflicts of interest were sufficiently managed.

As a result, Energy Resources will go ahead with its AU$880 million entitlement offer "as soon as possible" after delays due to the proceedings.

Rio Tinto's shares were up more than 1% in recent Tuesday trade.