Canadian miner Crocodile Gold Corp's board has agreed to sell the majority of the company's shares to Luxor Capital Group, after the private equity firm sweetened its offer by 11 percent.

Luxor has now offered 62 Canadian cents each for about 215.4 million Crocodile Gold shares, or about a 69 percent stake in the company, they said in a statement.

Crocodile Gold and Luxor were in talks to raise the original offer of 56 Canadian cents.

Separately, Crocodile Gold said its fourth-quarter production fell about 30 percent, hurt in part by the tropical cyclone Grant which passed through Northern Territory in Australia in December.

The company, which operates gold mines in the Northern Territory of Australia, produced 15,649 ounces of gold for the fourth quarter.

Shares of Crocodile Gold closed at 55 Canadian cents on Friday on the Toronto Stock Exchange.