Shareholders of AIM-listed Mentum Inc have voted in favour of all resolutions relating to the acquisition of Robust Resources’ Kyrgyz gold-copper assets. Mentum is now a purely Central Asian focused mining development company with three high value assets – Andash Gold-Copper Project, Talas Copper-Gold Project and Bashkol Gold Project.
ASX-listed Robust will hold 87.3% of Mentum, a stake currently valued at Aus$32 million based on the price of Mentum’s shares on AIM at the close of trading on July 15. This equates to approximately 60% of Robust’s total market capitalization based on the company’s share price of about 27 cents.
Mentum, which will shortly change its name to Tengri Resources, will also hold 3.5 million pounds cash that is earmarked for immediate project development activities.
Robust’s managing director Gary Lewis says, “The listing of Robust’s Kyrgyz Republic assets on London’s AIM through Mentum Inc is a pleasing development and we are confident that significant value will be realized from this transaction. Mentum Inc now holds an enviable portfolio of gold-copper assets that have mineral resources in place, with significant exploration upside.
“These projects offer near-term development potential and have the capacity to deliver significant shareholder returns when exploited. As an 87.3% shareholder of Mentum, Robust will be a major beneficiary of Tengri’s success.
“Already Robust’s stake in Mentum is valued at Aus$32 million which demonstrates that there is significant unlocked value to be realized for Robust’s shareholders. We are intent on realizing some of this value on the immediate term. We are also confident that now this transaction has been completed, and the Tengri team can progress development of the Kyrgyz assets, greater value will be reflected in Robust’s holding in Tengri.” www.robustresources.com.au