Standard Tolling (TON.V) has announced it will need more time to finalize the acquisition of the 150 tonne per day mill in Peru. There have been some delays due to the coordination of the due diligence but we hope everything will be solved soon. We got in touch with CEO Len Clough and he didn’t seem too concerned about the delay, so we hope it’s indeed just an issue of dotting i’s and crossing t’s.
Meanwhile, the company’s general meeting has approved the reverse split with a ratio of 3:1, and the total size of the private placement to finance the acquisition of the mill has been increased from C$1.5M to C$2.6M due to very strong investor demand. The closing of the placement is also depending on the closing of the transaction to acquire the mill so we hope the due diligence could be completed sooner rather than later.
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Disclosure: The author holds a long position in Standard Tolling. Standard Tolling is a sponsor of the website. Please see our disclaimer for current positions.
