Mariana Resources , the Turkey-focused mining exploration specialist, has agreed to be taken over in a deal that values the business at almost £167mln, representing an 84% premium on last night’s valuation.

Canada-listed Sandstorm Gold, which already owns 7% of the AIM-listed company, is offering its own paper as well as 28.75p per share in cash.

This values Mariana stock, which closed at 59.01p on Wednesday, at 109.71p, and the company at £166.85mln.

The deal has the backing of the Mariana board. Chairman John Horsburgh said: “The terms of the combination represent a significant and attractive premium to the market price of Mariana shares.”