PERTH (miningweekly.com) – A subsidiary of ASX-listed OM Holdings, OM Manganese, has waived its pre-emptive rights to match a A$5-million conditional cash offer for ASX-listed Bryah Resources interest in the Bryah Basin manganese joint venture (JV).
Bryah last year announced a A$5-million transaction with ASX-listed Primero Group and natural resources specialist investor AMCI Group to divest of its manganese rights over the JV tenement package, allowing Bryah to maintain exposure to all other commodities within the licence.
The offer was conditional on OM Manganese not exercising its pre-emptive rights under the current JV agreement.
OM Manganese currently holds a 30% interest in the JV and has committed to further funding to take its interest in the project to 51%.
While OM Manganese held a pre-emptive right, the company has advised Bryah that it would not exercise this right, freeing Bryah to transfer its JV interest at any price of no less than A$5-million.
Completion of the sale is expected to occur once all conditions of the joint offer have been satisfied, and formal documentation has been finalised.