Forrestania Resources (ASX:FRS) acquired an 88.33% stake in Kula Gold (ASX:KGD) as of Thursday, according to separate same-day Australian bourse filings.

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

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 reached a 12-year peak, rising nearly 14% in recent trading on Thursday, while Forrestania's shares jumped nearly 8% after earlier hitting a 14-year high.