Marmota increases offer for Jumbuck
PERTH (miningweekly.com) – ASX-listed Marmota has increased its offer price for Tyranna Resource’s Jumbuck gold project, in Western Australia, to A$3-million.
Tyranna at the end of June inked a formal agreement with Syngas to divest of the Jumbuck gold project for A$950 000, opting to back the Syngas offer in lieu of a A$1.3-million counter offer from Marmota, which consisted of A$1-million in cash and an in-specie payment of A$300 000 worth of Marmota shares.
ASX-listed Alliance Resources subsequently made a A$2.025-million offer for the project, prompting Marmota to increase its own offer price to A$2.6-million and for Syngas to increase its offer price to $2-million.
After conducting further negotiations with Syngas, the Tyranna directors again agreed to sell the Jumbuck project to Syngas for a revised consideration of A$2.25-million, saying the Syngas offer did not require a due diligence period, and pointing out that there was an existing binding agreement in place with Syngas.
The company also raised concerns around the uncertainties with negotiating a new agreement with either Alliance Resource or Marmota.
Marmota has now again increased its offer to A$3-million, saying that the offer was not subject to a due diligence condition.
The offer will consist of a cash consideration of A$2.5-million and a further A$500 000 worth of Marmota shares.
The Marmota offer was to Ministerial consent, and where required, third party agreement.
Tyranna told shareholders on Tuesday that at the company’s annual general meeting, scheduled for November 26, the company would seek shareholder approval for the sale of the Jumbuck project to Syngas.
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