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Tengri Resources

  • BY: Andrew Hore |
  • POSTED: 18/06/2014 |

Mentum Inc has announced the full details of its acquisition of the development operations of Robust Resources Ltd in the Kyrgyz Republic for £27m in shares.

Trading in Mentum shares was suspended on 24 February at 0.83p a share just prior to the announcement of the deal. They returned to trading and ended the day at 0.46p. The share price used to value the deal is 0.575p.

A 50-for-one share consolidation is planned so the post-consolidation deal share price is 28.75p.

Robust will own 87.3% of Mentum and it will be locked-in for 12 months. Robust has agreed not to vote for the cancellation of the Aim quotation, to make sure that there is at least one independent director and not to acquire any more shares in company.

Mentum will own 80% of the Andash copper-gold project, 100% of the Talas copper-gold project and have the right to earn 70% of the Bashkol gold-copper project in the Tien Shan gold belt.  Mentum will also acquire a fleet of mining and construction equipment and £3.5m in cash.

The company’s name will change to Tengri Resources.

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