Tanami shareholders turn down Metals X offer
PERTH (miningweekly.com) – The shareholders of ASX-listed Tanami Gold on Monday chose gold miner Northern Star Resources as the preferred joint venture partner for the Central Tanami project, in the Northern Territory.
The Central Tanami project was the spool in a fracas between Tanami Gold and fellow listed Metals X.
Earlier this year, Metals X offered to acquire a 25% interest in the Central Tanami project for A$11-million in cash and the allotment of four-million fully paid ordinary shares. Metals X had also offered to earn a further 50% interest in the project by sole funding all expenditure and costs required to bring the project back into commercial production.
However, later that month, gold miner Northern Star launched a competing bid to gain a majority interest in the gold project, offering to acquire an initial 25% interest in the project for A$20-million, comprising A$11-million in cash and more than 4.2-million fully paid ordinary shares.
The offer resulted in the incensed Metals X appointing solicitors to defend its claims on the gold project, claiming Tanami Gold had breached a heads of agreement and threatening the miner with damages if the transaction did not proceed.
Tanami has maintained its innocence in the matter, saying that while board members had indicated how they would vote with their own shares, no firm recommendations had been made to shareholders.
It was obvious from the vote on Monday, however, that Tanami Gold shareholders agreed with the company’s board, with more than 888.6-million votes cast in favour of the Northern Star offer, compared with the 5.1-million votes cast in favour of the Metals X offer.
Northern Star has welcomed the shareholder decision.
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