TNR Gold Corp ( TSX-V:TNR , FRA:TNW , OTC:TRRXF ) has received an unsolicited, non-binding proposal from Altius Minerals Corporation ( TSX:ALS , OTCQX:ATUSF ) to acquire all of the company's common shares that Altius does not already own.
Altius is a significant shareholder of TNR Gold, holding approximately 12.7% of its issued and outstanding common shares.
After reviewing the proposal, a special committee of independent directors has entered into an exclusivity arrangement with Altius. The committee, in consultation with its advisors, continues to evaluate the proposal to determine the course of action it believes is in the best interests of the company and its shareholders.
No decision has been made on any definitive transaction. TNR Gold said there is no assurance that a transaction will result from the proposal, that one would be approved or completed, or what the timing, structure or terms might be.
Shareholders are not required to take any action at this time.
The company does not intend to comment further on a potential transaction unless a definitive agreement is reached or it is otherwise required by law.
Shares of TNR Gold added 6.7% on Wednesday morning.
