(Alliance News) - Metal Tiger PLC on Friday noted investee Cobre Ltd has completed due diligence for the acquisition of up to a 51% stake in Kalahari Metals Ltd.
Metal Tiger holds a 19% stake in Australia-focused, ASX-listed exploration company Cobre and a 62% stake in Kalahari Metals.
In August, shareholders of Kalahari Metals entered into a binding heads of agreement. Under the agreement, Cobre agreed to acquire up to a 51% stake in Kalahari Metals, issuing 21.4 million shares, with the deal valuing the majority stake at around AUD4.1 million, or GBP768,223.
The transaction remains subject to shareholder approval which is expected at a general meeting scheduled for early 2021.
By Ife Taiwo; ifetaiwo@alliancenews.com
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