Alliance Resources Limited made an offer to acquire 78% stake in tenements and interests in Jumbuck Gold Project from Tyranna Resources Limited for AUD 2 million.

Alliance Resources Limited (ASX:AGS) made an offer to acquire 78% stake in tenements and interests in Jumbuck Gold Project from Tyranna Resources Limited (ASX:TYX) for AUD 2 million on July 30, 2020. As reported, the offer comprises AUD 0.03 million non-refundable cash payment to Tyranna for an exclusive right to conduct due diligence on the project and AUD 2 million cash payable upon the fulfilment or waiver of all conditions in the offer document. Additionally, Tyranna shareholders will receive a non-renounceable right to subscribe for fully paid ordinary shares in Alliance Resources up to a total issue value of AUD 1 million in proportion to their respective shareholdings in Tyranna (excluding Alliance Resources held shares in Tyranna) at a discount to the Alliance Resources share price at completion.

The offer is conditional on Tyranna shareholders voting against the current transaction for the sale of the assets to Syngas Energy Ltd (Syngas), or Syngas failing to, or unable to complete the transaction, Tyranna shareholders approving the sale Jumbuck Gold Project to Alliance and Alliance and Tyranna and its subsidiaries entering into a formal sale and purchase agreement.