Technology Metals Australia Ltd (ASX:TMT) MD Ian Prentice updates Proactive following the recent news of a proposed merger with Australian Vanadium Ltd – a deal valued at $217 million which will see AVL acquire 100% of the TMT shares on issue. The companies see the merger as a logical consolidation of two adjoining projects across the Gabanintha orebody. As a result, the merged entity will become the leading Australian vanadium developer with a world-class asset of scale in Western Australia, a tier-one mining jurisdiction.
It is very encouraging that TMTs largest institutional shareholders are supportive of the proposed merger with AVL, TMT managing director Ian Prentice said.
Similar to the TMT management team and board, these shareholders recognise the significant benefits through the consolidation of these contiguous orebodies and technical teams.
TMT and AVL believe the merger will help accelerate the development of the combined project to the benefit of both sets of shareholders.
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Technology Metals Australia Ltd
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