LONDON (Alliance News) - Tengri Resources said Tuesday it has now complete its sale of Kami Associates Ltd and Tatiana Ltd, and as such it is now a cash shell under AIM rules.
This means it now has until December 1 to make an acquisition or acquisitions which constitute a reverse takeover under AIM rules or seek readmission as an investing company.
The company had announced earlier this month it was in the process of selling the two subsidiaries to Socagest SA. The subsidiaries held Tengri's Andash mining licence and the Taldybulak licence. However, its shares fell at that time after it said it had delayed the completion of the sales to the end of the month.
Shares in Tengri were up 54% at 2.50 pence Tuesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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