#Colombia #Medellín #Visby Management #LCL Resources #Tiger Gold

Visby Management Reaffirms Acquisition Offer for LCL Resources

In a recent announcement, Visby Management LLC, a renowned mine operator with a substantial presence in Colombia, has reiterated its commitment to its binding offer aimed at acquiring the Colombian assets of LCL Resources (ASX: LCL). The company emphasizes the superiority of its proposal over the one presented by Tiger Gold Corporation (TGC) and is actively encouraging LCL shareholders to reject TGC's offer during the upcoming Annual General Meeting (AGM) scheduled for June 9, 2025.

Visby's offer includes a total cash consideration of AUD $15 million, which is structured to benefit both the company and its shareholders effectively. The breakdown of the offer is compelling, featuring an immediate upfront payment of AUD $7.5 million, followed by another AUD $7.5 million to be paid upon the first gold pour, as well as a 1% Net Smelter Royalty (NSR). Such an extensive cash offer positions Visby as a robust contender for the acquisition, vastly outperforming the terms laid out in TGC's proposal, which has drawn scrutiny for its lack of clarity and substantial upfront investment.

In previous attempts, Visby has submitted multiple binding offers to LCL, all of which the LCL board has consistently ignored. In February, a significant 84% of shareholders voted against TGC’s previous offer, demonstrating clear support for Visby's claims about the inadequacy of TGC's terms. Despite this, LCL's board continues to advocate for a transaction with TGC, a position that Visby finds perplexing given the evident shareholder discontent.

In light of the recent developments, Visby seeks to engage directly with LCL shareholders. The company has responded to a scheduled webinar by LCL on June 5, 2025, which is believed to be intended to persuade shareholders to support the TGC deal. Visby requested an opportunity to present its own offer during this platform, a request that was unfortunately declined by the LCL board.

To ensure shareholders are well-informed ahead of the pivotal AGM, Visby outlines significant points related to the pending TGC transaction:
1. Financial Overview: The TGC deal only proposes an upfront amount of AUD $1 million, with no guarantee for subsequent payments, a stark contrast to Visby's proposal.
2. Shareholder Participation: LCL has stated the TGC option requires shareholder approval, which emphasizes the importance of evaluating all available options, including Visby's more advantageous bid.
3. Approval Clauses: While the TGC agreement appears binding, it will only hold if shareholders endorse it, posing additional risk to those opting for TGC.

Visby Management continues to stress its experience as a mine operator. The company has a track record of establishing successful open-pit gold mines in Colombia, and it extends its invitation to shareholders who wish to inquire further about their credentials.

As the AGM draws near, Visby urges LCL shareholders to prioritize their best interests, expressing hope that they will reject TGC's proposal and favor Visby's superior offer. In a competitive mining landscape, decisions made today will crucially influence the future of LCL Resources and its stakeholders. For further engagement or inquiries regarding Visby Management's proposal, shareholders are encouraged to reach out through the provided contact details.

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Contact Information
President Roy Ostrom III
Email: [email protected]

In summary, the decision of LCL shareholders will be instrumental in shaping the company's direction. With Visby's clear and superior offer on the table, the upcoming AGM represents a pivotal moment for stakeholders invested in the future of LCL Resources.