Update on prospective investment in the Company (1872Z)
March 12 2012 - 11:27AM
UK Regulatory
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
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