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Variscan Mines Limited ( (AU:VAR) ) just unveiled an update.
Variscan Mines Limited has announced that it will seek to negotiate a new deadline for satisfying the conditions precedent required to execute its proposed Earn-In and Joint Venture Agreement over Irish zinc assets with MDF Global, Zinc GroupCo and BMEx. The company stated it will keep the market updated as it works to adjust the timetable for moving the transaction towards a definitive agreement.
The company also issued clarifications to its previous update, confirming that MDF has no financial obligations to Variscan and has not defaulted on any such obligations. Variscan further clarified that ZincCo has not failed to meet any contractual financial commitments under the binding term sheet, and that the lapse of shareholder approval for a planned share subscription reflects timing under ASX Listing Rules rather than a default by ZincCo.
The most recent analyst rating on (AU:VAR) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Variscan Mines Limited stock, see the AU:VAR Stock Forecast page.
More about Variscan Mines Limited
Variscan Mines Limited is an ASX-listed resources company focused on exploration and development of zinc assets, including prospective projects in Ireland. The company operates within the base metals mining industry, targeting opportunities in high-potential zinc districts through earn-in and joint venture structures with specialist partners.
Average Trading Volume: 5,681,771
Technical Sentiment Signal: Sell
Current Market Cap: A$11.23M
For a thorough assessment of VAR stock, go to TipRanks’ Stock Analysis page.