Lion Selection Group has agreed to acquire 14.0M PhosCo Ltd shares from Manager Pty Ltd in exchange for 2.8M Lion shares, however the transaction is dependent on Lion shareholder approval.
Following an announcement from PhosCo that their Chaketma mining concession application was not approved by Tunisian authorities, Lion and the Manager have agreed to review the transaction including its pricing, timing and other terms.
Lion has been an investor in PhosCo since 2010 and remains supportive of the company.
They will continue to monitor developments and update the market.