Tyranna Resources Limited (ASX: TYX) Advised that following receipt of the third and final tranche of AU $ 750,000, the l completion of the sale of Tyranna’s remaining interest (approx 18.59%) in the Wilcherry Project, and an 80-person camp on leasehold land located in the township of Kimba, South Australia.
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TYRANNA COMPLETES WILCHERRY PROJECT DIVESTMENT
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Tyranna Resources Limited (ASX: TYX) (“Tyranna” or “the Company”) wishes to advise the completion of the sale for the following non-core assets:
- Tyranna’s remaining interest (approximately 18.59%) in the Wilcherry Project (Project), and
- An 80-person camp on leasehold land located in the township of Kimba, South Australia.
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The Tranche 3 payment of $750,000 completes the 3-tranche agreement totalling $1.5 million.
- Tranche 1 -Payment of an Initial Deposit to Tyranna of $350,000 within 2 business days of execution;
- Tranche 2-Payment of the Second Deposit of $400,000 on or before 30 days after payment of the Initial Deposit;
- Tranche 3-Payment of $750,000 on completion, governed by conditions precedent which include statutory consents.
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Commenting on the divestment completion, Managing Director Mr Bruno Seneque said: “This final receipt of $750,000 completes Tyranna’s sale of its joint venture holding in Wilcherry, which now allows us to focus clearly on our 100% owned gold project at the Eureka gold mine in the Kalgoorlie region of Western Australia.
Ongoing Eureka Project exploration activity continues to deliver excellent drill results and clearly validates our decision to acquire what we believe will be a potential near term gold production asset for Tyranna Resources.”
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The company is also pleased to release its Half Yearly Report and Accounts for the period ended 31 December 2018.
For more information regarding this release, please contact:
Bruno Seneque
Managing Director