Tyranna Resources (ASX: TYX)

An unusual spat is occurring in Australia, where Tyranna Resources are accepting the lower of three competing bids for their Jumbuck gold property.

ASX listed Marmota (ASX: MEU) has questioned why Tyranna have accepted an inferior offer for their Jumbuck project, when their all cash offer of A$2.6 million is still on the table?

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Tyranna Resources in Jumbuck takeover fight

 

An unusual spat is occurring in Australia, where Tyranna Resources are accepting the lower of three competing bids for their Jumbuck property.

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ASX listed Marmota (ASX: MEU) has questioned why Tyranna have accepted an inferior offer of A$2.25m from Syngas (ASX: SYS) for their Jumbuck project, when their all cash offer of A$2.6 million is still on the table?

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It does seem an obvious question, and one which TYX’ shareholders may ask if this deal concludes I would imagine.

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Marmota Executive chairman Colin Rose stated that they “still had not received any reply regarding its offer”

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Syngas originally made a $950,000 offer for Jumbuck, which covers ground surrounding the Challenger gold mine, operated by Kinsgate Consoidated (ASX: KCN),  which has produced 1 million ounces of gold at 6 gpt since 2002.

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However, the Syngas offer was outbid by Alliance Resources (ASX: AGS), which made a $2.025 m bid, and then subsequently by Marmota’s $2.6 m offer to pick up ground right next to its property in the Gawler Craton.

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Syngas subsequently returned with the $2.25 m offer – with a $250,000 break fee, that was accepted by Tyranna. Marmota are also questioning the need for a break fee.

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Tyranna stated  that the Jumbuck project was the subject of a binding sale agreement with Syngas at the end of July, and that it was not in a position to consider alternative offers at that time.

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It does seem strange therefore, that Syngas has now more than doubled their offer, despite holding the aforementioned “binding sale agreement”.  This does look messy and an explanation is surely due from Tyranna management in the very near future?

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Tyranna Resources – highlights.

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TYRANNA RESOURCES LIMITED IS AN ASX LISTED RESOURCES COMPANY, WHOSE KEY FOCUS INCLUDES BOTH THE EUREKA GOLD PROJECT LOCATED 50 KM NORTH OF KALGOORLIE AND THE JUMBUCK GOLD PROJECT LOCATED NEAR THE LUCRATIVE +1 MILLION OUNCE, HIGH GRADE CHALLENGER GOLD MINE IN THE GAWLER CRATON OF SOUTH AUSTRALIA.

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   andrew@city-investors-circle.com

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