MetalsTech (ASX:MTC) extended the settlement date for the proposed sale of about 17.9% of its issued capital from a group of non-associated shareholders to a private mining investor to July. 31, according to a Thursday filing with the Australian bourse.

The sale, valued at AU$18.5 million, represents fully paid ordinary shares in the company at a price of AU$0.53 per share, the filing said.

In the event the transaction does not close by the new deadline, the deposits will not be refunded, and the deal will be considered void, the filing added.

Shares of the company rose past 9% at market close.