(Alliance News) - Metal Tiger PLC said Cobre Pty Ltd has agreed to extend the company's exclusivity period until August 30 to finalise a previously announced subscription agreement and a due diligence exercise.
Natural resources-focused investor Metal Tiger in July entered an agreement to acquire 20% of copper exploration company Cobre. Under the terms of the deal, Metal Tiger will be able to invest AUD500,000 or GBP275,384, for a 15% stake in Cobre.
In addition, Metal Tiger could invest a further AUD2.0 million as part of an IPO fundraise which is expected to be completed in 12 months, taking the company's stake in Cobre to 20%.
Metal Tiger also agreed to issue Cobre 1.7 million new ordinary shares at 1.45 pence each in exchange for a 30 day exclusivity period in which Metal Tiger would be able to complete due diligence.
Shares in Metal Tiger were untraded at 1.20 pence each on Tuesday afternoon.
