Kula Gold (ASX:KGD) said Forrestania Resources (ASX:FRS) acquired 86.87% of Kula as of Tuesday and urged shareholders who had not yet accepted the offer to accept the bid online with the automic share registry before the bid closes on Jan. 22, according to a same-day Australian bourse filing.

Kula will remain listed on ASX until Forrestania acquires a 90% stake.

Kula's directors have all accepted the bid, per the filing. Before Forrestania acquires a 90% stake, the directors expect that Kula's shares will be thinly traded, if at all, and that it will require further substantial funding to continue its exploration programs, which may potentially significantly dilute existing shareholders who do not continue to fund the firm.

Kula's shares fell past 4% in recent trading on Tuesday but earlier hit a 52-week high.