Metals X (ASX: MLX) will make a 15% placement to APAC Resources Limited. The number of shares to be issued was not determined.
Subject to shareholder and FIRB approval, APAC will increase its shareholding to 28.3% of MLX.
Warren Hallam managing director of MLX said the funding would help crystallise the value of its existing assets.
Hallam said establishing a joint Venture with the world’s largest and most vertically integrated tin miner, Yunnan Tin Group of China, where MLX will sell YTG an initial 50% of its Tasmanian Tin assets for A$50 million in cash is an example of the strategy to add value to assets.
He said MLX will work with Yunnan to improve and advance those assets.
The company is looking at opportunities to develop the large Rentails Tailings Re-treatment Project using the proprietary technology and expertise of its new partner.
(20min delay)