Metal Tiger Plc (LON:MTR) is all set to become the new owner of just under 6.3mln new shares in Sandfire Resources (ASX:SFR) after a scheme of arrangement was approved by the Supreme Court of Western Australia.
Under the scheme of arrangement, Sandfire is acquiring all the issued shares of MOD Resources Ltd (LON:MOD)(ASX:MOD) at a ratio of 0.0664 Sandfire shares for each MOD share.
MOD is the owner of the sizeable T3 copper project in Botswana.
It is expected that Sandfire shares will be issued to Metal Tiger and other MOD shareholders on 23 October 2019.
At the same time Metal Tiger will also be granted its 2% net smelter royalty over the exploration joint venture area.
Metal Tiger currently has a market capitalisation of just over £20mln.