JOHANNESBURG – JSE-listed Mine Restoration Investment (MRI) said on Thursday that it had reached consensus on certain key terms with the owners of the chrome mine it wants to buy, but said they were still in negotiations about the transaction.
MRI, whose shares were voluntarily suspended from the JSE in July 2016, said that its board was pursuing a transaction for the acquisition of a chrome mining company, in exchange for the issue of shares.
If implemented, the transaction will constitute a reverse take-over for MRI and will require a circular to shareholders, incorporating revised listing particulars.
"The board advises shareholders that MRI is still in negotiations with the parties to the chrome transaction. The board has reached consensus with the parties to the chrome transaction on key commercial terms, with definitive agreements in the process of being finalised," it said.
MRI also said that the parties were in the process of collating documentation required in terms of the JSE Listings Requirements for inclusion in the circular.
The company's board said it will continue to inform shareholders of the progress of the chrome transaction.