Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology notes today's announcement by NFT Investments plc (AQSE:NFT) ("NFT Investments"), with regard to Pluto Digital plc ("Pluto"), a company in which Pires holds an investment.
NFT Investments, which is quoted on the Access segment of the AQSE Growth Market and operates as an incubator specialising in the market for non-fungible tokens ("NFTs"), has announced that it has entered into a non-legally binding letter of intent to acquire the entire issued share capital of Pluto.
NFT Investments believes that this will create a global metaverse company and advance the activities of NFT Investments in the NFTs sector as Pluto has already invested in NFTs and NFT gaming.
NFT Investments is proposing to acquire the entire issued share capital of Pluto for a consideration to be satisfied by the issue of 2.4 billion ordinary shares in NFT Investments ("Proposed Acquisition").
Based on the closing mid-market share price of NFT Investments on 21 January 2022 of 2.475p and the 638,237,192 Pluto shares in issue based on the latest Companies House filings, this equates to an indicative price per Pluto share of 9.3p.
Pires holds 32,518,876 shares in Pluto which are carried at a valuation of 6p per share based on Pluto's last funding round. Pires also holds warrants over 24 million new ordinary shares in Pluto, subject to certain vesting conditions, 6 million of which have already vested.
Based on the price of 9.3 pence per Pluto share referred to above, this would value the Pires shareholding and vested warrants in Pluto at approximately £3.2 million, compared to the current Pires book value of its Pluto investment of circa £2 million.
The Proposed Acquisition would be a reverse takeover of NFT Investments under the AQSE Rules and shares in NFT Investments have been suspended from trading until the proposed acquisition of Pluto is completed. The acquisition is conditional on certain approvals and so there can be no guarantee that the acquisition will complete. Furthermore, the ability of Pires to realise its holding in NFT Investments will depend on prevailing liquidity at the time. However, it should also be noted that NFT Investments recently announced that it had submitted an initial application to list its shares on the NEO Exchange Inc, a Canadian stock exchange based in Toronto.