JOHANNESBURG (miningweekly.com) – Perth-based exploration company Metallum will focus on advancing its own projects, including the Teutonic project in the Eastern Goldfields region of Western Australia, the junior said on Monday, after terminating the proposed acquisition of technology firm Squirrel.
Metallum had planned to buy software and services company Squirrel, adopt its business model and change its name to Squirrel Limited. However, the junior has dropped the acquisition, as conditions precedent to the transaction have not been met.
“The board believes that, given current market conditions, it is in the best interest of the company and its shareholders to refocus on the company’s Teutonic project and the Comval copper/gold project,” Metallum said in a statement.
The company has recently added to its ground-holding at its Teutonic project, having made application for additional ground to the south of its existing tenement. The next programme will be designed to follow up on the drill intercepts at the Mustang electro magnetic conductor at Teutonic, which were drilled in late 2015.
Metallum has about A$1.2-million in working capital, which the company said would enable it to continue its proposed activities at the Teutonic and Comval projects.
The Comval project is currently on care and maintenance.
Edited by: Creamer Media Reporter
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