Lion Selection Group Says Legacy Investment Erdene Resource's Mongolia Gold Project in Final Stage of Development

MT Newswires Live

05-05

Lion Selection Group (ASX:LSX) said that project development is in the final stages at Erdene Resource Development's Khundii gold project in Mongolia, according to a Monday Australian bourse filing.

The firm has a legacy investment in Erdene.

Atlantic Tin said that it received a recommended takeover offer from Xingye Silver and Tin for AU$0.24 per Atlantic Tin share, and its largest shareholder, Pala, which owns a 71.39% stake in the firm, plans to accept the offer.

Lion Selection will revalue its Atlantic Tin investment at AU$3.2 million from May 31. If the takeover proceeds, Lion will be required to pay around AU$1.1 million from the Atlantic Tin proceeds to the former shareholders of African Lion 3, because Lion Selection acquired Atlantic Tin shares from African Lion 3.

Its shares rose over 2% in recent trading on Monday.

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