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