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ASX-listed AIC Mines will start the compulsory acquisition of the remaining shares in takeover target Demetallica after acquiring more than a 90% interest in the company.

AIC Mines earlier this year launched a takeover offer for Demetallica, offering one of its own shares for every 1.5 Demetallica shares held, valuing the company at 33.7c a share, or at A$36-million. However, the suitor later increased its offer to one AIC Mines share for every 1.3 Demetallica shares held.

The new offer represents an implied offer of 39c a share for the Demetallica shares.

AIC Mines on Tuesday said that its interest in Demetallica had now increased to more than 90%, and the company was now proposing to acquire the remaining shares under the compulsory acquisition provision of the Corporations Act.

Demetallica owns the Jericho copper/gold deposit, which has a resource of 14.1-million tonnes, grading 1.46% copper, 0.29 g/t gold and 1.6 g/t silver, hosting 205 000 t of copper, 129 000 oz of gold and 744 000 oz of silver.