Dear SubscriberThe Directors of TNG Limited are pleased to announce that Old Park Lane Capital have prepared a research note subsequent to TNG Securing a Cornerstone Investor announcement released to the ASX on Wednesday 3 August.
"ASX-listed TNG Limited (ASX: TNG) announced that it has entered into a binding Letter Of Intent to form a strategic partnership with Jiangsu Eastern China Non-Ferrous Metals Investment Holding Company Ltd (�ECE�), a leading Chinese State-owned enterprise. The proposed transaction would result in a capital raise of A$13.4m that would leave ECE as a strategic partner with a 30% interest in TNG. We believe the deal represents a significant step forward for TNG and the development of Mount Peake.We maintain our short-term target price of A$0.27 per share (fully diluted) and a BUY recommendation. We will review our valuation on completion of the deal. Successful execution further de-risks TNG and we remain focused on the completion of the PFS in October. With a potential new strategic partner on board we reiterate our view that the stock represents good value in the current trading range".
Visit the Analyst Reports page of our website for full details or please click here to view the research note.The Directors of TNG Limited
TNG Limited is a lead and silver exploration company based in Australia.
TNG Limited holds various exploration projects in Australia.
Its main exploration properties are CAWSE EXTENDED, MANBARRUM, MOUNT PEAKE and SANDY CREEK DEPOSIT in Australia.