Metal Tiger PLC (LON:MTR) said it will vote in favour of all resolutions at an extraordinary general meeting of 19.99%-owned investee company Cobre Limited to decide whether Cobre should acquire 51% of the issued share capital of Kalahari Minerals Ltd (KML).
Metal Tiger is currently interested in 62.17% of KML.
If Cobre shareholders approve the deal, Metal Tiger’s stake in the enlarged Cobre would rise to 20.72% once all the additional shares are issued.
Once change of control of KML is approved by the Minister of Mineral Energy and Water Resources of the Republic of Botswana, Metal Tiger’s stake in KML will reduce to 49%.
The EGM will be held as a virtual meeting at 11.30am Sydney time on Tuesday, 6 April.
Michel McNeilly, chief executive of Metal Tiger, said: “We are pleased that the EGM notice has been sent to Cobre shareholders and, in anticipation of a successful vote, the respective teams at Cobre, Metal Tiger and Kalahari Metals are already putting in place appropriate plans to commence a drilling programme in the KML project areas, seeking to identify a potential copper resource discovery in proximity to Sandfire’s T3 and A4 projects, as soon as possible post completion of the transaction.
“I look forward to updating shareholders in the near future as these plans are established and evolve.”