31st Jul 2014 11:09
LONDON (Alliance News) - Metal Tiger PLC Thursday said it has signed a memorandum of understanding with South East Asia Exploration & Mining Company Ltd, a Thailand-based mining and exploration firm and a unit of Canada-based Southeast Asia Mining Corp.
Under the agreement, Metal Tiger will pay USD10,000 in cash up front to SEAM to provide a 90-day window for Metal Tiger to complete due diligence and finalise a joint venture with the firm.
That joint venture has been created in order to allow Metal Tiger to acquire interests in exploration applications in the Nakon Sawan, Lopburi and Chanthaburi Provinces in Thailand. That will involve Metal Tiger paying an initial USD150,000 to SEAM over two years, with a concurrent investment of USD150,000 which will be applied to permitting and exploration planning costs over the same period.
Metal Tiger shares were down 1.8% to 0.81 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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