UPDATE: Metals X confirms indicative cash offer for First Tin

Metals X Ltd has submitted a "preliminary" offer to take over investee First Tin PLC, the former said on Friday.

First Tin shares were 22% higher at 14.00 pence on Friday afternoon in London.

First Tin, a tin mine developer with projects in Germany and Australia, earlier said it received a 15 pence per share unsolicited, indicative cash acquisition proposal from Metals X on Thursday.

Metals X is First Tin's largest shareholder, with a 29.95% stake.

First Tin said its board, excluding Metals X Chair Peter Gunzburg and Executive Director Brett Smith, both of whom are First Tin non-executives, was "carefully considering the proposal." The company said it would make a further announcement "if and when appropriate," and advises shareholders "to take no action at this time."

Then, on Friday afternoon, Metals X confirmed that it has "submitted a preliminary, non-binding indicative cash offer to acquire the entire issued and to be issued share capital of First Tin not already owned by Metals X."

However, it cautioned: "There can be no certainty that an offer will be made, nor as to the terms of any such offer."

Metals X has until 1700 BST on November 6 to announce either a firm intention to make an offer or that it does not intend to make an offer.

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