An announcement from Xanadu Mines Ltd ( (AU:XAM) ) is now available.
Xanadu Mines Ltd announced the withdrawal of a resolution from its upcoming Extraordinary General Meeting, which was initially set to approve the exercise of a 25% Put Option with Zijin Mining Group. Instead, the company has entered a Deed of Variation to extend the option’s term by at least 30 days, allowing further discussions on potential corporate transactions. This strategic move is intended to give Xanadu more time to explore opportunities with Zijin, while maintaining the option to exercise the Put Option, subject to shareholder approval. The company has also established an Independent Board Committee to oversee these discussions, emphasizing the importance of this decision for its strategic positioning.
More about Xanadu Mines Ltd
Xanadu Mines Ltd is an exploration company listed on the ASX and TSX, operating primarily in Mongolia. The company focuses on large-scale copper-gold discoveries and maintains a portfolio of exploration projects. Xanadu is notable for its joint control of a significant copper-gold deposit at the Kharmagtai project, in partnership with Zijin Mining Group.
Average Trading Volume: 86,308
Technical Sentiment Signal: Strong Buy
Current Market Cap: $65.87M
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