Syngas ups its offer for Jumbuck
PERTH (miningweekly.com) – ASX-listed Syngas has agreed to increase its offer price for the Jumbuck gold project, in Western Australia, from A$2-million to A$2.25-million, after facing a slue of competition for the asset.
A tug-of-war emerged for the asset after owner Tyranna Resources received offers from both ASX-listed Marmota and Alliance Resources, despite having signed a formal agreement with Syngas in June.
Alliance made a A$2.025-million offer for the Jumbuck asset, consisting of A$2-million in cash and a A$25 000 non-refundable payment for exclusive rights to conduct a due diligence, to combat a A$2.6-million all cash offer from Marmota.
Syngas’ original agreement with Tyranna included a cash payment of A$950 000, with the company subsequently increasing its offer consideration to A$2-million.
Tyranna on Monday announced that the Syngas offer has now increased to A$2.25-million.
Tyranna director Joe Graziano said on Monday that the increased offer price was an ‘excellent result’ for the company.
“The sale of the Jumbuck gold project will provide the necessary funds for the company to progress its exploration strategy at the Dragon & Knight nickel project,” he added.
Syngas told shareholders that to further support the acquisition, the company has entered into an unsecured loan facility agreement with AsiaPacific Businesslink, of A$1.2-million. The loan will carry a 9.25% a year interest rate, with interest to be accumulated until the loan is repaid.
The loan term will extend until the end of December next year.
Syngas’s offer for the Jumbuck project is still subject to Tyranna shareholder approval, with settlement of the acquisition expected by the end of September.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
