MetalsTech Limited (ASX:MTC) substantial shareholder transaction update

MetalsTech Limited (ASX:MTC) has announced the execution of substantial shareholder transactions involving the sale of 35,267,985 fully paid ordinary shares and the transfer of 5,000,000 unvested Performance Rights to a significant private mining investor. The transactions represent approximately 17.9% of the company's issued capital on an undiluted basis, with a total consideration of A$18,537,000. Entities associated with Mr Gino D'Anna still hold a further 17,641,940 fully paid ordinary shares in the company that are not subject to the transactions.

Executive commentary on the substantial shareholder transaction

The Company has been advised that a non-associated group of substantial shareholders have executed various securities sale agreements to sell their MTC shares and transfer certain Performance Rights to a significant private mining investor. The Company is setting up an independent steering committee to deal with any potential conflict issues that may be relevant to its operation, comprising the non-conflicted director(s) of the Company, in each particular circumstance. The ongoing day to day operation and management of the Company will continue under the stewardship of the current Executive and Senior Management Team reporting directly to the non-executive Board. The Company advises that it is continuing to proceed with its efforts to realize the maximum value in respect of the Sturec Gold Mine.

Summary of MetalsTech Limited's substantial shareholder transaction and future plans

MetalsTech Limited (ASX:MTC) has executed substantial shareholder transactions involving the sale of 35,267,985 fully paid ordinary shares and the transfer of 5,000,000 unvested Performance Rights to a significant private mining investor, representing approximately 17.9% of the company's issued capital on an undiluted basis. The Company is navigating the various disclosure requirements by setting up an independent steering committee to deal with potential conflict issues and ensuring the ongoing day to day operation and management continues under the current Executive and Senior Management Team. MetalsTech Limited is actively seeking a suitable replacement for Mr Robert Sills, who has resigned, and is continuing its efforts to realize the maximum value in respect of the Sturec Gold Mine.