21st Mar 2014 16:21
LONDON (Alliance News) - Mentum Inc said Friday that it's shares will remain suspended from trading until it has published an admission document setting out details of its proposed acquisition of operations from Robust Resources Ltd.
It expects this document to be published by the end of April.
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.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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