Chinese authorities approve Triton deal
PERTH (miningweekly.com) – The National Development and Reform Commission of China has approved a A$19.5-million investment by China’s Jinan Hi-Tech into ASX-listed Triton Minerals.
Triton in June this year announced the agreement, under which Jinan would subscribe for A$8.5-million shares in Triton, taking some 207.3-million shares at 4.1c a piece.
Jinan would also acquire Triton shareholder Shandong Tianye Mining’s 19.3% stake in the company in a separate deal valued at A$11-million, subject to both Chinese and Australian regulatory approvals.
The two transactions would give Jinan a combined shareholding of 34.01% in Triton.
Triton on Thursday said that it was working to satisfy a number of other outstanding conditions precedent, with these expected to be satisfied within the coming weeks.
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