Visby Management
February 13, 2025
On February 11, 2025 Visby Management (“Visby”), an international mine operator with operations in Colombia, made two binding offers to Los Cerros Limited (“LCL”) for the purchase of the company’s Andes and Quinchia Colombia assets. Offer A is a $6,000,000 AUD all-cash offer with the full amount to be paid within one year. Offer B is a cash and stock offer identical to the offer made by Tiger Gold Corporation with an additional $1,000,000 AUD up-front payment. The total up-front payment offered by Visby in Offer B is $2,000,000 AUD. Visby requested that both offers be presented to shareholders.
Offer A terms:
$6,000,000 AUD cash paid within 12 months
LCL will retain a 1% NSR on the projects
Visby assumes all operating costs for the assets after the definitive agreement has been signed
LCL retains the assets until full payment has been made and Visby forfeits any prior payments if future payments are not completed
Visby requests no additional due diligence time
Offer is contingent on LCL not selling the assets to Tiger Gold Corporation
Offer B terms:
Visby will pay $2,000,000 AUD upon signing the definitive agreement and obtaining necessary approvals
Visby will complete a transaction to go public on a recognized Canadian stock exchange by December 31, 2025; if Visby fails to complete this transaction, LCL will retain the cash consideration and the assets
At the time of the going public transaction, LCL will receive an additional $500,000 AUD in cash and share capital in the public company equivalent to $8,000,000 AUD
Visby has the option to pay LCL $9,000,000 AUD in cash, in addition to the $2,000,000 AUD up-front payment, to acquire 100% of the projects in place of completing the going public transaction
Reasons to accept the offers:
Visby Management is a well-financed, experienced mine operator with a track record of success advancing projects in challenging jurisdictions
Full financing has been secured for both transaction options
Total amount in Offer A ($6,000,000 AUD) will be paid within one year providing LCL with important investment capital for advancing PNG projects or acquiring other assets and LCL will continue to participate in future project upside by way of a 1% NSR
Offer B will provide LCL with identical conditions to the Tiger Gold Corporation offer with double the current up-front payment
LCL is currently under binding agreement with Tiger Gold Corporation to sell its Colombian assets. Visby strongly encourages LCL shareholders to vote against the Tiger Gold proposal at the February 17, 2025 shareholder vote in order to be able to select on of the Visby offers. The Visby offer is valid for 30 days or until necessary approvals can be obtained.
About us:
Visby is a private investment holding company with interests in mining, metals, and natural resources. With a proven track record of creating value in challenging juridictions, Visby's principals have founded and invested in some of the largest mining and infastructure projects in Colombi and across Latin America.
Contact details:
Roy Ostrom III
President
Visby Management
info@visbymgmt.com
