Metals X has submitted a preliminary non-binding cash offer to acquire London-listed First Tin at 15 pence per share, according to a report by Kristie Batten. The offer emerged late last week, the source states. No total transaction value was disclosed in the sources.
Metals X owns 50% of the Renison tin mine in Tasmania and already holds 29.95% of First Tin, according to the source. The company also holds substantial stakes in ASX-listed tin companies Elementos and Stellar Resources.
Caspin Resources Limited managing director Greg Miles told Kristie Batten that the news highlighted the potential for consolidation in the small listed tin space.
The deal stage is announced. The sources do not state a closing date, financing arrangements, advisers, or any rationale beyond the consolidation comment attributed to Miles.