28th Mar 2014 15:40
LONDON (Alliance News) - Mentum Inc Friday confirmed that it expects to publish an admission document setting out details of its proposed acquisition of operations from Robust Resources Ltd in April.
The company's shares will remain suspended until this document is published.
The firm said that the acquisition is at an advanced stage, but further technical and other work will need to be completed before the document can be published.
The company entered into a memorandum of understanding with Robust Resources in February over the acquisition of mineral exploration and development operations in the Kyrgyz Republic and about GBP3.5 million in cash, in exchange for GBP27.0 million worth of Mentum shares in a reverse takeover.
Following the acquisition the company plans to change its name to Tengri Resources.
In January the company raised GBP375,000 before expenses to meet the costs of the potential takeover.
In June, 2013, shareholders approved a new investing policy of acquiring securities or assets in UK-listed companies with a focus on natural resources, primarily the oil and gas sector. Mentum was formerly known at Commoditrade Inc. when it was a metal and energy brokerage and commodity trading company.
Shares in the company remain suspended.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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