Metal Tiger agrees extension to proposed Kalahari deal
By Josh White
Date: Thursday 22 Oct 2020
(Sharecast News) - Natural resources investor Metal Tiger announced on Thursday that it has agreed to amend the heads of agreement, under which Cobre would acquire up to 51% of Kalahari Metals.
The AIM-traded firm owns 62.17% of Kalahari Metals, and 18.79% of Cobre, with the planned transaction initially announced on 24 August.
It said that under the amended heads of agreement, the period for completion of due diligence had been extended, and would expire on 20 November.
In addition, the exclusivity period had been extended to 20 December, with all other terms remaining as previously announced.
"All parties continue to work towards satisfying all conditions as soon as possible, and by no later than 20 December," the Metal Tiger board said in its statement.
Following completion of the proposed transaction, Metal Tiger said it would have a 20.72% share of Cobre, and would have an economic interest in Kalahari Metals of about 59.57%, comprising a direct interest of 49% and an indirect interest of 10.57%, as a result of its direct interest in Cobre.
At 1028 BST, shares in Metal Tiger were up 0.09% at 21.77p.
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