MTC Listing Rules Compliance Update

ANNOUNCEMENT REGARDING ASX LISTING RULE 7.1 CAPACITY

MetalsTech Limited (ASX: MTC) (MetalsTech or the Company) refers to the following ASX announcements:

  • The Company’s Appendix 3B released on 3 November 2017 in respect of the issue of 4,200,000 fully paid ordinary shares (Shares) that showed the Company’s remaining placement capacity of 23,110 pursuant to ASX Listing Rule 7.1.
  • The Company’s announcement released on 15 November 2017 in respect of the expansion of the Company’s landholdings at the Cancet Lithium project and the renegotiation of the terms of the acquisition of Terre des Montagnes Lithium project, in which, amongst other things, the Company announced that it had agreed to issue 2,350,000 Shares as consideration for the acquisition and renegotiation.
  • The Company’s Appendix 3B released on 20 November 2017 in respect of the release of 2,100,000 Shares from escrow that showed the Company’s remaining placement capacity of 23,110 pursuant to ASX Listing Rule 7.1.

MetalsTech advises the market as follows:

  • At the date that the Company had agreed to issue equity securities to the vendors pursuant to the acquisition of Cancet East and the renegotiation of Terre des Montagnes, being 15 November 2017, the Company did not have sufficient capacity to issue those securities, and as such had exceeded its capacity to issue equity securities without security holder approval under Listing Rule 7.1 through the agreement to issue the Shares pursuant to the acquisitions announced on 15 November 2017.
  • As a result and in consultation with the ASX, the Company will now no longer seek ratification at the upcoming General Meeting of the Company of the 2,326,890 equity securities that were agreed to be issued on 13 November 2017 and these securities will remain in “C” when the Company calculates it capacity under Listing Rule 7.1 for 12 months following the agreement to issue the equity securities, i.e. this capacity will automatically refresh on 13 November 2018.

The full announcement can be viewed by CLICKING HERE


Diamond Drilling Commences at Adina Lithium Project

MetalsTech Commences Drilling at Adina Lithium Project

MetalsTech Limited (MTC or the Company) is pleased to announce that the maiden drilling campaign has commenced at its Adina Lithium Project in Quebec, Canada.

Highlights

  • ~2,000m diamond core drilling campaign has commenced at the 100%-owned Adina Lithium Project where the Company has identified an approximate 350m x 2km outcropping pegmatite with high grade lithium mineralisation at surface with assays up to 3.12% Li2O
  • Drilling campaign to test strike, dip, and plunge continuity of pegmatite, as well as test the mineralised zones within the pegmatite structure
  • Maiden drill program will be phase 1 of a two-phase drilling strategy designed to delineate an initial resource
  • Adina is located in close proximity to Cancet and may present complimentary development opportunities
  • Metallurgical and mineralogy test work to be completed on representative drill core

Commenting on the Adina Lithium Project, Executive Director, Mr Gino D’Anna stated:

“Adina appears to host a very large geological structure, based on outcropping pegmatite and ridge topography. Previous mapping and assays of surface mineralisation has indicated potential for strong lithium prospectivity. If we are successful in intersecting reasonable lithium mineralisation in drill core, Adina could offer a significant co-development opportunity with our existing plans at the nearby Cancet Lithium Project.”

The full ASX announcement can be viewed by CLICKING HERE


iCobalt Appoints VP Exploration and MTC Priority Record Date

iCobalt Appoints Experienced VP Exploration Update on Priority Offer to MetalsTech Shareholders

MetalsTech (MTC or the Company) is pleased to provide an update on the proposed listing of its subsidiary iCobalt Limited (iCobalt).
iCobalt plans to list on the ASX via a $4.5m Initial Public Offer with a Priority Offer to eligible MTC shareholders. Upon listing, iCobalt will have an undiluted market capitalisation of $9.1 million and an enterprise value of $4.6 million.
Subject to MTC obtaining shareholder approval, pursuant to ASX Listing Rule 11.4.1(b), for the disposal of the Bay Lake High Grade Cobalt Project (held by MTC’s wholly-owned subsidiary, MetalsTech Bay Lake Cobalt Inc.), iCobalt will seek admission to the Official List of the ASX pursuant an Initial Public Offer (Spinout).
iCobalt will accelerate the exploration activity on the 100%-owned Bay Lake High Grade Cobalt Project and proceed with the 100% acquisition of the Rusty Lake Silver-Cobalt-Nickel Mine, both located in Ontario, Canada.

Highlights

Appointment of VP Exploration

  • Cherie Leeden appointed as VP Exploration to iCobalt Limited. Mrs Leeden is a Geologist with more than 15 years’ experience in multi commodity mining and mineral exploration and has led teams through resource discovery and development across graphite, base metals, iron ore and coal, two of which are now in production
  • Mrs Leeden was the co-founder and former Managing Director of Battery Minerals Limited (ASX:BAT) and was responsible for the discovery of an extensive portfolio of high grade graphite deposits in Mozambique

Priority Offer Update

  • Priority Offer under the Spinout will entitle MTC shareholders holding a minimum of 20,000 shares, a pro rata entitlement on a 1 for 5 basis as at the Record Date (Qualifying Priority Holder), a guaranteed right to subscribe for a minimum of 10,000 iCobalt shares at $0.20 per share (Minimum Allocation) and scope to subscribe for additional shares (subject to Maximum Allocation of 250,000 iCobalt shares at $0.20 per share). The Priority Offer is not strictly a pro-rata entitlement for all MTC shareholders to participate in the Public Offer
  • Pursuant to ASX Listing Rule 11.4 and 7.7, the Record Date for the Priority Offer will be set as the date which is four business days after the date of lodgement of the Prospectus with the ASX which is expected to be in early March 2018. This will allow MTC shareholders the opportunity to qualify for the Priority Offer

The full ASX announcement can be viewed by CLICKING HERE


Dynavolt Defaults on Strategic Investment in MTC

Dynavolt Renewable Energy Technology Co Ltd Defaults on Strategic Investment

MetalsTech Limited (MTC or the Company) provides the following update regarding the proposed investment by Shenzhen-listed Dynavolt Renewable Energy Technology Co Ltd (Dynavolt).
Highlights

  • Dynavolt fails to fulfil its obligations under the legally Binding Terms Sheet by 31 January 2018 (refer ASX Release dated 6 December 2017 and 15 January 2018)
  • MTC received a Termination Letter from Dynavolt on 1 February 2018 stating “Dynavolt is not satisfied with the outcome of the due diligence on the Company and is of the view that the subscription proposed under the Terms Sheet will not be in conformity with the development strategy of Dynavolt”
  • For clarification, the Binding Terms Sheet with Dynavolt was subject to legal, financial, title and regulatory due diligence on the Company and the Projects. MTC and its advisors have not received a clear answer from Dynavolt as to what specific due diligence matters under the Binding Terms Sheet (legal, financial, title, regulatory) have not been satisfied and no indication of outstanding issues had been raised prior to receipt of the Termination Letter which was only provided upon demand by MTC
  • MTC is seeking advice as to whether Dynavolt has acted unlawfully, however as it is possible that Dynavolt’s purported termination has been influenced by an adverse change in its own financial and corporate circumstances, from a practical standpoint Dynavolt may not be capable of completing
  • While Dynavolt’s default is disappointing, MTC is fully funded for its exploration plans including at the Adina Lithium Project where an approximate 250m x 2km outcropping geological structure with high grade lithium mineralisation at surface will be targeted with mobilisation of a 2,000m diamond core drill program scheduled for 14 February 2018
  • Downhole Optical and Acoustic Televiewer survey (OTV-ATV) to commence at Cancet in early March as precursor to recommencement of drilling at the shallow high grade lithium deposit
  • Strategic $1.8m funding deal with Wuxi Baichuan Chemical Industrial Co (BCC) progressing well with the Government Regulatory Approval Process (China) underway following satisfaction of technical due diligence and completion of the MERN Transfers – for clarity, the End Date under the relevant BCC agreement is defined as “19 February 2018 or such later date as determined by the Company at its sole discretion, provided such date is not later than 15 March 2018”

The full ASX announcement can be viewed by CLICKING HERE