Marmota makes a competing offer for Jumbuck
PERTH (miningweekly.com) – Junior Marmota has made a A$1.3-million competing offer to fellow-listed Tyranna Resources to acquire its Jumbuck gold project, in Western Australia.
Tyranna in October of last year inked a term sheet with Syngas for the proposed sale of the Jumbuck gold project for A$950 000 in cash. Under the terms of the agreement, Syngas would have a seven-month period to exercise its option over the gold project.
Marmota said on Thursday that its own offer would consist of a A$1-million cash payment and an additional in-specie payment of A$300 000 worth of Marmota shares, which would be issued directly to the shareholders of Tyranna.
Marmota argued that its offer was superior to the Syngas offer, exceeding Syngas’ offer price by 30%, and provided Tyranna shareholders with continued upside to potentially benefit from their prior investment in the Jumbuck project. The Tyranna shareholders would also benefit from Marmota’s existing discovery programmes in both gold and uranium.
Marmota has requested a ten-day period in which to conduct a due diligence on the Jumbuck project.
“The Jumbuck gold project is our immediate neighbour in the Gawler Craton. It is our backyard. It is where we do our gold exploration. Our exploration team know the ground. We believe that if anyone can make it work, Marmota can,” Marmota chairperson Colin Rose said on Thursday.
“Marmota’s offer is unequivocally superior. We look forward to bringing Tyranna shareholders along with us, issuing free shares in Marmota to Tyranna shareholders, so that they too can potentially benefit from their prior investment.”
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