Tyranna Resources {ASX: TYX}

Announced that Central Iron Ore Ltd., {TSX.V: CIO} has become a major shareholder (14%) as a result of being issued with 93.205,304 shares of Tyranna in order to conclude the deal for Tyranna’s acquisition of  the Eureka Gold Project located north of Kalgoorlie, WA.

The issue of these shares has been the subject of a legal dispute between the companies, with TYX issuing an action as they disputed the need to issue the shares.

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Tyranna Resources MD Bruno Seneque presents to the City Investors Circle London, November 2017.

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Tyranna Resources {ASX: TYX} announced that Central Iron Ore Ltd., {TSX.V: CIO} has become a major shareholder (14%) as a result of being issued with 93.205,304 shares of Tyranna in order to conclude the deal for Tyranna’s acquisition of  the Eureka Gold Project located north of Kalgoorlie, WA.

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The issue of these shares has been the subject of a legal dispute between the companies, with TYX issuing an action as they disputed the need to issue the shares. Their issuance means that TYX have accepted they were part of the original deal, which they disputed a few short weeks ago.

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Central Iron Ore Ltd. has completed the $3.45-million (Australian) sale of its Eureka gold project to Australian Securities Exchange-listed Tyranna Resources Ltd.

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The structure of the total consideration paid to Central Iron for the Eureka gold project consists of:

• Tyranna paid Central Iron Ore $1,869,003 (Australian) in cash.
• Tyranna issued of 93,205,304 shares in Tyranna at a deemed price of 1.7 cents per shares totalling $1,584,490 (Australian).
• Central Iron Ore paid Coral Brook Pty. Ltd. $144,499 (Australian) as a fee for facilitating the sale.

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