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Metal Tiger welcomed news that an Australian court had approved a takeover of MOD Resources by Sandfire Resources.
It was expected that a copy of the court orders would be lodged with the Australian securities regulator on Wednesday, at which time the acquisition scheme would become legally effective.
Each of Metal Tiger's 94.8m MOD shares would be exchanged for 0.0664 Sandfire shares, equivalent to around 6.30m new shares in Sandfire.
Metal Tiger would also be granted a 2% net smelter royalty over the exploration joint venture area.
At 9:45am: (LON:MTR) Metal Tiger Plc Ord 0.01p share price was +0.03p at 1.35p