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Marmota Energy (ASX:MEU) knocked back on Jumbuck… for now
  • Marmota Energy's (MEU) $1.3 million dollar offer for Tyranna Resources' (TYX) Jumbuck project has been knocked back, as TYX already has a binding offer in place awaiting shareholder approval
  • Tyranna and Syngas (SYS) are still working on the terms of a definitive share purchase agreement for the sale of Jumbuck, while Marmota has been left out in the cold
  • Should shareholders vote down the SYS proposal, the Marmota deal may be back on the table
  • There's currently no date booked for a shareholder meeting to look at the Syngas acquisition
  • Tyranna shares are up 25 per cent to 0.5 cents each, while Marmota shares are down 1.9 per cent to 5.2 cents each, and Syngas has been suspended on 0.4 cents since August 2018

Marmota Energy's (MEU) $1.3 million dollar offer for Tyranna Resources' (TYX) Jumbuck project has been knocked back, as TYX already has a binding offer in place awaiting shareholder approval.

Marmota had been hoping to slide into negotiations for the South Australian gold project, putting up $1 million in cash and $300,000 in MEU shares to acquire all Tyranna’s rights, title and interest over Jumbuck.

This move was quickly batted away by Tyranna though, who had already been in talks with Syngas (SYS) over the acquisition on binding exclusive terms.

Accordingly, Tyranna and Syngas are still working on the terms of a definitive share purchase agreement for the sale of Jumbuck, while Marmota has been left out in the cold.

Or has it?

Under ASX Listing Rule 11.4, the disposal of the Jumbuck project to Syngas will require shareholder approval, meaning investors may prefer Marmota's mostly cash deal over the Syngas share purchase agreement.

If that's the case, they could vote down the Syngas proposal, leaving the company open to Marmota's offer, which requires no shareholder approval.

There's currently no date booked for a shareholder meeting to look at the Syngas acquisition.

Tyranna investors must be wondering why the company would wholly offload what appeared to be a promising prospect.

Tyranna shares are up 25 per cent to 0.5 cents each, while Marmota shares are down 1.9 per cent to 5.2 cents each as at 3:45 pm AEST.

Syngas has been suspended from trade since August 2018, shares were last priced at 0.4 cents each.


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