Diatreme Resources Advances MLM Takeover

Diatreme Resources Limited (AU:DRX) has released an update.

Diatreme Resources Limited has made significant strides in its takeover bid for Metallica Minerals Limited, acquiring over 90% of MLM shares, with plans for compulsory acquisition of the remaining shares. The company’s financial position remains robust with a cash balance of $7.7 million, and additional funds in a joint venture bringing total cash availability to $29.4 million. The period also saw internal changes with the resignation of Greg Starr as Director post his appointment to MLM’s Board, and the successful completion of Diatreme’s Annual General Meeting.

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