Metals X (ASX:MLX) confirmed that it submitted a preliminary, non-binding cash offer to acquire all the shares of London-listed mining development firm First Tin it doesn't already own, according to a statement dated Oct. 9 filed with the Australian bourse on Monday.

In an Oct. 9 London Stock Exchange filing, First Tin said Metals X is looking to acquire the shares at a price of 0.15 pound sterling each.

Under the UK Takeover Code, Metals X must either disclose a firm intention to make an offer for First Tin or declare that it does not plan to make an offer by Nov. 6.

Shares of Metals X fell 1% in recent Monday trade.