Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, today noted the announcement made by MOD Resources (LON:MOD), which notes that the Supreme Court of Western Australia has made orders approving the scheme of arrangement by which Sandfire Resources NL will acquire all of the issued shares of MOD.
Pursuant to Section 411(10) of the Corporations Act 2001, the Scheme will become legally effective upon lodgment of the Court orders with the Australian Securities and Investments Commission (ASIC).
It is expected that a copy of the Court orders will be lodged with ASIC tomorrow, at which time the Scheme will become legally effective. If this occurs, MOD’s shares will be suspended from trading on the ASX at the close of trade tomorrow.
Metal Tiger’s MOD shares which upon completion will equate to 94,834,181 MOD shareswill therefore be exchanged for 0.0664 Sandfire shares for every MOD share held, equivalent to 6,296,990 new shares in Sandfire. It is expected that Sandfire shares will be issued to Metal Tiger and other MOD shareholders on 23 October 2019. Metal Tiger will also be granted its 2% Net Smelter Royalty over the exploration joint venture area.
The full text of the MOD announcement can be read using the following link: