Visby Management Challenges Tiger Gold with Competitive Bids for Los Cerros Colombian Assets

Visby Management has introduced two compelling acquisition proposals for Los Cerros Limited's Andes and Quinchia mining assets in Colombia, challenging the current sale agreement with Tiger Gold Corporation and offering shareholders a potentially more attractive alternative.

The first offer, designated as Offer A, presents an all-cash transaction of 6 million Australian dollars to be paid within 12 months. This proposal includes unique provisions allowing Los Cerros to retain a 1% net smelter royalty on the projects while Visby assumes all operating costs after the definitive agreement.

Offer B represents a more complex transaction structure, featuring an initial 2 million Australian dollar payment upon signing and potential future value through either a public listing on a Canadian stock exchange or a comprehensive cash buyout option. Under this proposal, Los Cerros would receive additional cash and equity considerations contingent upon Visby completing a public listing by December 31, 2025.

The strategic importance of these offers lies in their potential to provide Los Cerros with immediate financial liquidity and continued participation in future project developments. Visby Management positions itself as a well-financed mining operator with demonstrated experience in challenging operational environments, potentially offering shareholders a more robust and flexible acquisition pathway.

Critically, Visby is actively encouraging Los Cerros shareholders to reject the existing Tiger Gold proposal during the upcoming February 17, 2025 shareholder vote. The competing offers remain valid for 30 days and are subject to necessary regulatory approvals.

The proposed transactions highlight the competitive landscape of mining asset acquisitions in Colombia, demonstrating how sophisticated investment strategies can create alternative value propositions for shareholders in complex international resource markets.