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- Metal Bank (MBK) enters a trading halt regarding an acquisition and capital raise
- It isn’t certain who or what the company is acquiring nor has it disclosed how much it plans to raise and whether the money will fund the buy
- The company is nearing the end of its six-month option period after entering an earn-in deal with Global Energy Metals to acquire up to 80 per cent of its Millennium project
- MBK expects to come out of the trading halt by October 26 and shares last traded at one cent on October 21
Metal Bank (MBK) has entered a trading halt regarding an acquisition and capital raise.
It isn’t certain who or what the company is acquiring nor has it disclosed how much it plans to raise and whether the money will fund the buy.
The company currently owns a 100 per cent interest in the 8 Mile and Eidsvold gold projects in Queensland.
However in June this year, Metal Bank entered an earn-in deal with Global Energy Metals Corporation (GEMC) and its subsidiary Element Minerals Australia to potentially acquire up to 80 per cent of the Millennium project in Queensland.
As part of this, the company secured a six-month option to undertake due diligence work and exploration at Millennium.
The six months gives MBK time to decide whether or not to go ahead and earn its interest in Millenium and form a joint venture with GEMC over the project.
Metal Bank also announced last month it was in advanced discussions with parties in the Middle East and North Africa for the grant of brownfield exploration sites.
MBK expects to come out of the trading halt by Tuesday, October 26.
Shares last traded at one cent on October 21.
