PERTH (miningweekly.com) – ASX-listed Tyranna Resources has inked a share and asset sales agreement with fellow-listed Marmota over its Jumbuck gold project, in Western Australia, in a deal valued at A$3-million.
The transaction between Tyranna and Marmota comes just days after Tyranna shareholders rejected a A$2.25-million offer from Syngas for the Jumbuck project.
Under the terms of the agreement struck between Tyranna and Marmota, the latter would pay A$2.5-million in cash and A$500 000 in shares for the Jumbuck assets.
“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,” said Marmota chairperson Dr Colin Rose.
“The sale price at A$3-million is three times the amount originally offered, and we believe is also an excellent outcome for Tyranna shareholders.”
Tyranna director Joe Graziano on Monday said that the company was pleased to have executed the share and asset sales agreement with Marmota.
“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.