Australian gold producer, Tribune Resources Limited’s (ASX: TBR) shares were placed in a trading halt on 27 December 2018 at the request of the company in relation to pending its response to a recent article in the Newspaper concerning the company’s activities. As per the Tribune Resources’ request, the trading halt is going to last until the company releases an announcement, or the commencement of trading on 31 December 2018. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]
Recently, the company fully acquired the issued capital of Singapore based Prometheus Developments Pte Ltd by issuing 5.5mn shares in the Company at a deemed issue price of $4.50 for a total consideration of $24.75mn. Prometheus is having the right to acquire an 80 percent economic interest and 40 percent legal interest in three mining tenements covering the Diwalwal Gold Project which is a low sulphidation epithermal gold project located just 40 kilometers south of Medusa Mining Limited’s (ASX: MML) Co-O gold mine in Mindanao, Philippines.
As per Tribune’s Director Mr. Gordon Sklenka, this Project is a great investment opportunity for Tribune and its shareholders. He further added that having a strong balance sheet and income from the East Kundana Joint Venture (EKJV) has allowed the company to assess significant acquisitions where the company will be able to transform into a significant mining house.
During the September quarter of 2018, the company processed around 207.6k tonnes of EKJV ore at the Kanowna Plant and 50k tonnes of EKJV ore at the Greenfields Mill. In the September quarter, around 24k oz of gold and around 4k oz of silver were credited to Rand and Tribune Bullion Accounts, out of which Tribune was having 75 percent share.
Recently in December 2018, Sierra Gold Pty Ltd (SGPL) became a substantial holder of the company by holding around 17 million fully paid ordinary shares of Tribune with 30.79 percent voting rights. Another company Prometheus mineral Limited also became a substantial holder of tribune by holding around 5.5 million ordinary shares of tribune with a voting right of 9.91 percent. Recently the company appointed Argonaut as its financial adviser which is going to assist the Tribune Board with the assessment of the unsolicited offer from Northern Star for EKJV, and then provide ongoing advice and analysis to maximize shareholder value.
On 14 September 2018, the company paid a dividend of 20 cents per ordinary share, fully franked and on 1 October 2018, the company paid a special dividend of $3.50 per ordinary share, fully franked. During the September Quarter, Tribune Resources and its controlled entity sold the majority of its gold inventory and the proceeds were used to cover working capital and to pay dividends to shareholders.
Meanwhile, in the last one year, the share price of the company decreased by 7.98 percent as on 21 December 2018. TBR’s shares traded at $4.00 with a market capitalization of circa $222.01 million as on 27 December 2018 (AEST 4:00 PM).
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