Update on prospective investment in the Company (1872Z)

TIDMMTT

RNS Number : 1872Z

Metal-Tech Ltd

12 March 2012

12 March 2011

Metal-Tech Ltd.

("Metal-Tech" or "the Company")

Update on prospective investment in the Company

Metal-Tech, the producer and recycler of speciality metals such as Tungsten and Molybdenum, provides the following update on talks with Technoplus Ventures Ltd. ("Technoplus"), an Israeli investment company listed on the Tel-Aviv Stock Exchange, following the announcement on 4 October 2011 regarding the signing of a memorandum of understanding (MOU) for the potential investment from Technoplus to Metal-Tech.

The Board would like to advise that the MOU with Technoplus and the "no-shop" period pursuant thereto, during which the Company and anyone acting on its behalf refrained from negotiating with third parties any transaction, which involves issuance of shares and/or options in the Company's equity, have expired.

Metal-Tech received a letter from Technoplus on 11 March, which included an allegation with respect to the Company's and other third parties liability for breach of the MOU. The Company strongly rejects any allegation that it has breached any of the conditions of the MOU and will rigorously defend itself against any such claims.

Metal-Tech continues to hold discussions with other potential investors and will inform the market of any further developments as required. The Board maintains that any future fundraising will be utilised to support the growth of the Company, both through investments in the Company's production facilities, and facilitating working capital as required.

Enquiries:

 
 Metal-Tech Ltd.               +972 544 215454 
 Ariel (Aik) Rosenberg 
 
 Panmure Gordon                +44 20 7459 3600 
 Fred Walsh 
 
 Luther Pendragon              +44 20 7618 9100 
 Harry Chathli, Alexis Gore

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUUUNRURAOAAR

Metal-tech (LSE:MTT)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024