TNG Limited (ASX: TNG) has been granted a trading halt pending the release of an announcement in relation to the transaction with Jiangsu Eastern China Non-Ferrous Metals Investment Holding Company (ECE).
In late September TNG received notice of approval from the Jiangsu Provincial branch of the National Development and Reform Commission (NDRC) for the proposed transaction with the state-owned ECE.
This approval was another step towards completing the broader transaction with ECE, which includes a A$13.4 million funding injection, and a Strategic Alliance.
The alliance will underpin the feasibility and development of the Mount Peake Project, and commercialisation of TNG’s proprietary TIVAN™ hydrometallurgical process.
TNG recently delivered a significant resource boost at the Mount Peake Iron Vanadium Titanium Project, and importantly, an increase in the confidence categories.
The project now boasts a resource of 160 million tonnes at 0.3% V2O5, 5.0% TiO2 and 23.0% Fe, with 70% indicated - providing the potential for conversion to Ore Reserves
The trading halt will be in effect until the earlier of the announcement being made to the market or the commencement of trade on Wednesday 9 November.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21662/tng-limited-in-pre-open-pending-announcement-regarding-a134-million-chinese-transaction-21662.html
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