11th Jul 2024 11:30
First Tin PLC - tin development projects in Germany and Australia - Metals X Ltd takes a 22.6% stake in London-based First Tin, buying all 60.0 million shares held by Clara Resources Ltd. Metals X is a Sydney listing with a AUD398.7 million market capitalisation. The Perth-based company is Australia's largest tin producer, according to First Tin. Clara no longer has any holding. First Tin doesn't say at what price the shares were purchased, but at the current market price, the purchase would be worth GBP2.7 million.
Metals X also will subscribe for 11.5 million new First Tin shares as part of the offer of 53 million new shares at 4 pence each to raise GBP2.1 million that was announced by First Tin on Wednesday. Buying the new shares will maintain Metals X's holding at 23%.
Current stock price: 4.50 pence, down 2.2% in London on Thursday
12-month change: down 39%
By Tom Waite, Alliance News editor
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