SHAREHOLDER UPS STAKE IN DISCOVERY

SHAREHOLDER UPS STAKE IN DISCOVERY
TRANSAMINE Trading S.A. has become the largest shareholder in Discovery Metals (ASX: DML), increasing its stake by more than 12 per cent through a $2.8 million placement.

The South African raw metals trading company has evolved from the second largest shareholder in Brisbane-based copper exploration and production company DML with a 6.4 per cent stake to an 18.6 per cent primary holding in the company.

DML will also appoint a Transamine nominee to its board. 

DML chairman Jeremy Read says the announcement is a significant development in the company’s relationship with Transamine, following the establishment of a long term strategic alliance through a copper concentrate sales contract in 2010.

“Transamine is one of our most important strategic partners which we have a productive and value adding relationship with.

“I look forward to working with the Transamine nominee on the board as this will further strengthen our commercial relationship.”

Following the announcement, the company issued 84,005,163 fully paid ordinary shares at a placement price of $0.03 cents per share, an 8 per cent premium to its closing price yesterday.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Hospitality mogul Glenn Piper to transform Hook Island into "world class hospitality experience"

Hospitality mogul Glenn Piper to transform Hook Island into "world class hospitality experience"

Sydney hotelier Glenn Piper has snatched up his third hospital...

Super fund HESTA "unconvinced", to vote against AGL demerger

Super fund HESTA "unconvinced", to vote against AGL demerger

Superannuation fund HESTA is backing the position of Australian tec...

Airtasker completes Oneflare acquisition after ACCC withdraws concerns

Airtasker completes Oneflare acquisition after ACCC withdraws concerns

Leading online services marketplace Airtasker (ASX: ART) has comple...

Superloop set to buy tech services firm Acurus for $15m

Superloop set to buy tech services firm Acurus for $15m

After completing $140 million worth of divestments from Singapore a...