Metals X announced on Monday that has agreed to an interim funding proposal from its largest shareholder APAC Resources, subject to shareholder and government approval. The 15 per cent placement will raise A$16 million and see Hong Kong-based APAC increase its shareholding to approximately 28.3% of MLX. The deal follows the one announced in late July under which MLX will put its Tasmanian tin assets into a joint venture with Yunnan Tin Group.
The YTG transaction is expected to be settled by the end of October. In its latest statement MLX notes that “this deal will see MLX sell YTG an initial 50% of its Tasmanian Tin assets for A$50 million in cash and then work with Yunnan to improve and advance those assets, including strategic opportunities to develop the large Rentails tailings re-treatment project using the proprietary technology and expertise of its new partner.”
