TNG Limited (ASX: TNG) substantial shareholders Warren and Marilyn Brown have increased their stake in the company to 9.06%, and now hold 23.35 million of the total 284.8 million shares on issue.
TNG is currently in a very exciting phase, and just yesterday updated the market on the development of the Mount Peake Iron-Vanadium Project.
The company said that the notice of approval has now been received from the Jiangsu Provincial branch of the National Development and Reform Commission (NDRC) for the proposed transaction with the state owned enterprise Jiangsu Eastern China Non-Ferrous Metals Investment Holding Company (ECE).
This ticks off another step towards completing the broader transaction with ECE.
Under the terms of the partnership, ECE will make a $13.4 million investment for a 30% cornerstone stake in TNG - priced at $0.11 for around 122 million shares.
Importantly for existing shareholders, the investment has been struck at a premium to the $0.093 price before TNG entered the trading halt to make the announcement.
The transaction is subject to due diligence, TNG shareholder approval and other regulatory approval.
A A$2 million loan facility has also been made available to TNG to provide interim working capital prior to the end of August to underpin the ongoing Pre-Feasibility Study and metallurgical test work program, provided by a private company introduced by ECE.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20113/tng-limited-browns-boost-substantial-shareholding-to-906-20113.html
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