ASX-listed Tiger Resources had entered into a Share Purchase Agreement and Royalty Deed with Sinomine Fuhai Overseas Resource Investment for the sale of 100% of its shares in Tiger’s subsidiaries.
The share purchase agreement (SPA) termination date was 30 June 2018 but was extended by mutual agreement between the parties to allow final negotiations to complete.
Terms acceptable to Tiger were not achieved and the company subsequently issued a Notice of Termination of the SPA to Sinomine HK.
Whilst the company has been negotiating with Sinomine HK it has also been working on a new life of mine plan (LOMP) for its Kipoi copper assets, which is expected to be completed with the next 6 – 8 weeks.
The company will update shareholders on the LOMP results as soon as this study is completed.
The company will also update its shareholders on its operations in the quarterly report to be released on or before 31 July 2018.