19th Jan 2016 10:37
LONDON (Alliance News) - Metal Tiger PLC Tuesday said due diligence work on its potential deal to increase its stake in its project in Thailand has progressed positively, and it remains optimistic the transaction will proceed as planned.
However, it cautioned that there can be no guarantee it will elect to exercise its option for the increased stake.
Metal Tiger announced in November it had an option to increase its stake in its joint venture with Southeast Asia Mining to 90% for a total consideration of USD50,000. Last Tuesday, a meeting of Southeast Asia Mining shareholders approved the potential transaction with Metal Tiger.
"We are continuing to complete a number of standard due diligence steps and will report back to the market in due course," the company said.
Shares in Metal Tiger were up 1.8% at 0.850 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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