Tyranna acquires US base metals project
PERTH (miningweekly.com) – ASX-listed Tyranna Resources has inked an agreement to acquire privately held US Cobalt, in order acquire the Goodsprings cobalt and base metals project, in the US.
Tyranna in March entered into an option agreement to acquire US Cobalt as part of its diversification strategy aimed at capitalizing on the increased demand for battery minerals.
Under the terms of the agreement, Tyrannah will now acquire US Cobalt by way of an off-market script for script takeover offer, which will see the company issue more than 141.1-million of its own shares, at a price of 1.7c a share, and a cash payment of A$100 000, for the exclusive option agreement, which has already been paid.
The shares will be issued subject to shareholder approval, with 25% of the consideration shares subject to voluntary escrow arrangements until February 2019.
“This is an outstanding deal for Tyranna and our shareholders which we have secured via a script issue. Historical mining results suggest that this area holds some of the highest grade cobalt mines that can be found in the district,” said Tyranna MD Bruno Seneque.
“No modern mining techniques have been used here and we are confident that good exploration and mining methods will handsomely reward the company here at Goodsprings.
“The acquisition of US Cobalt adds Goodsprings cobalt and base metals project as another high value asset to Tyrannah’s project portfolio and enhances our value as a diversified resource exploration and development company.”
Goodsprings comprises 329 mining claims covering 6 580 acres located in southern Nevada.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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