Metal Tiger (LON:MTR) has confirmed it is now possible to proceed with its proposed acquisition in Thailand.
The company, in November, agreed an option deal to acquire 90% of South East Asia Mining (SEAM) assets in Thailand, though the deal was subject to a number of conditions including approval of SEAM shareholders.
At a meeting on January 12 the proposed transaction was given the go-ahead by SEAM shareholders, and subsequently Metal Tiger says it is now moving forward with the deal.
Due diligence work continues, and Metal Tiger staff have been on the ground in Thailand to determine the technical and commercial viability of the deal.
“Progress with due diligence has been very positive to date from a technical perspective and whilst we remain optimistic that this transaction will proceed as planned, there can be no guarantee at this time that Metal Tiger will elect to exercise the option,” the company said in a statement.
“We are continuing to complete a number of standard due diligence steps and will report back to the market in due course.”
Metal Tiger paid US$30,000 in November, and an initial US$500,000 is payable if it decides to take up the option.