MOD Resources Limited (ASX:MOD) entered into an agreement to acquire additional 30% stake in Metal Capital Ltd from Metal Tiger plc (AIM:MTR) on July 18, 2018. As part of the transaction, MOD will acquire Metal Tiger's 30% stake in T3 project such that at completion MOD will own 100% of the T3 project. In addition, MOD Resources agreed to acquire rights for an option to purchase, at MOD's election, Metal Tiger's 30% interest in all other joint venture exploration assets up to 3 years from completion. As part of consideration for the transaction, MOD will issue 17.2 million ordinary shares and 40.6 million options to Metal Tiger. Any shares issued pursuant to the Transaction or any Options converted to shares will be escrowed for a period of 12 months post completion of the transaction. Mr. Michael McNeilly, managing director of MTR has been appointed to the board of MOD as a nominee of MTR. The transaction is subject to MOD shareholder approval, regulatory approvals including ministerial approval in Botswana, completion of the transfer of the JV Exploration Assets and exploration license PL190/2008 having being extended for a further term of 2 years. As of September 19, 2018, the transaction has been approved by MOD shareholders. As of 26 October 2018, the ministerial approval for the transaction has been granted. The transaction is expected to complete in late October 2018. The transactions will be 14% accretive on a fully diluted basis for MOD shareholders in terms of their respective ownership of T3 Project. Sternship Advisers acted as the financial advisor and Hedley Roost, Joanne Steer, Michael Ng, Chris Bailey and Scott Gibson of DLA Piper Australia acted as the legal advisor to MOD. Natural Resources Global Capital Partners Limited acted as financial advisor to Metal Tiger. Natural Resources will work alongside RFC Ambrian Limited.

MOD Resources Limited (ASX:MOD) completed the acquisition of additional 30% stake in Metal Capital Ltd from Metal Tiger plc (AIM:MTR) on November 15, 2018.