LRC is a lithium-focused royalty company with a globally diversified portfolio of 33 revenue royalties on mineral properties around the world that supply
Lithium Royalty to Acquire TNR Gold. (Credit: Alex Banner from Pixabay)
Lithium Royalty Corp. (TSX: LIRC) (“LRC”) is announcing that it is withdrawing its intention to propose an all-cash offer to acquire all of the common shares of TNR Gold (TXSV: TNR) (“TNR”).
In its proposal to the board of directors of TNR (the “Board”) on September 25, 2023, LRC had proposed a non-binding offer to acquire all of the outstanding common shares of TNR for cash consideration of C$0.08 per TNR common share (the “Proposed Transaction”), which represented a 45% premium to TNR’s unaffected closing share price on September 28, 2023. Subsequently, LRC had sought to engage repeatedly with TNR and the Board to discuss a potential transaction that would be acceptable to the Board and to all shareholders. To date, LRC has not received a reply. Accordingly, while LRC believes that the Proposed Transaction was in the best interest of all TNR shareholders, given the failure of TNR management and the Board to reply to our re-engagement, LRC is withdrawing its interest in TNR.
Source: Company Press Release