Visby Management LLC (‘Visby’), an international mine operator with operations in Colombia, would like to reiterate its superior, binding offer to acquire the Colombian assets of Los Cerros Limited (ASX: LCL) (‘LCL’) and is urging LCL shareholders to vote against the proposed transaction with Tiger Gold Corporation (‘TGC’) at the AGM on June 9, 2025. Visby also encourages shareholders to communicate their support for Visby’s proposal at the upcoming LCL public webinar to be held on June 5, 2025.
Visby has submitted multiple binding offers to LCL to acquire the company’s Colombian assets. In February 2025, Visby presented LCL with a superior offer and encouraged shareholders to vote against the latest TGC offer so that the company could consider it. Subsequently, 84% of shareholders at the February shareholder meeting voted against the TGC offer. Visby has since approached LCL with multiple offers superior to what TGC has offered but the LCL board has consistently refused to engage in discussions or allow shareholders to evaluate Visby’s superior offers. Despite a clear message from shareholders in February, the LCL board is again recommending shareholders vote in favor of TGC at the upcoming June 9, 2025 AGM.
In hopes of getting support from understandably disgruntled shareholders, LCL scheduled a webinar for June 5, 2025 to presumably persuade shareholders on the TGC sale option. Upon learning of the webinar, Visby requested the opportunity to present its offer to shareholders in this same forum. The LCL board refused Visby’s offer.
So that shareholders may make the most informed vote at the upcoming AGM, Visby would like to reiterate the following points:
- The proposed TGC transaction is an option with only AUD USD 1m upfront, as LCL has stated on multiple occasions, and there is no guarantee TGC will deliver on the second payment due in eight months.
- Despite an intentional lack of clarity from LCL’s board, the TGC option does require shareholder approval.
- The TGC agreement may be binding, but only as long as shareholders approve it.
With these points in mind, Visby would like to reiterate its binding AUD USD 15 million offer which includes:
- Upfront payment of AUD USD 7.5 million (proof of funds available)
- AUD USD 7.5 million on first gold pour
- 1% NSR
Visby is an experienced mine operator which has built successful open pit gold mines in Colombia. Any shareholder who would like to discuss Visby’s credentials is welcome to contact us at the email below. Given that approval of the TGC option requires shareholder approval, Visby encourages shareholders to vote in their best interest at the upcoming AGM and reject the TCG proposal so that Visby’s superior option is considered.
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