Aurum Resources (ASX:AUE) and Mako Gold (ASX:MKG) entered a bid implementation agreement in which Aurum will acquire Mako for AU$0.018 per share through an off-market takeover bid, according to a Wednesday filing with the Australian bourse.

Aurum is offering one share for every 25.1 Mako shares, one share for every 170 class A options, and one share for every 248 class B options, the filing said. The offer represents a 112% premium to Mako shares' volume-weighted average price.

The Mako board unanimously recommends that shareholders accept the offer in the absence of a superior proposal.

The offer is expected to close on Nov. 25 unless extended, the filing said.