24th Feb 2014 11:35
LONDON (Alliance News) - Mentum Inc said Monday that it will acquire the Kyrgyz Republic mineral exploration and development operations of Robust Resources Ltd and around GBP3.5 million in exchange for GBP27.0 million in shares in a reverse takeover.
Mentum will issue the shares at a price of 0.575 pence per share to the Australian Stock Exchange listed company.
Following the completion of the acquisition the company plans to change its name to Tengri Resources. Managing Director of Robust Gary Lewis will be joining the company to head up the new projects, Mentum said.
Chairman Peter Moss Jr and non-executive director's Charles Goodfellow and Shahed Mahmood will step down at the company's extraordinary general meeting if the acquisition is approved by shareholders, said the firm.
In January the company raised GBP375,000 before expenses to meet the costs of a potential reverse 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 Mentum are suspended from trading.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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