Eastinco Mining & Exploration PLC - Aquis-listed Musasa tantalum and tin metal project in Rwanda - Proposes to acquire battery metals-focused explorer Aterian Resources Ltd, which owns 15 copper and silver projects totalling 824 square kilometres in Morocco.
The acquisition will also include Eastinco Mining being listed on the London Stock Exchange's Standard List, changing its name to Aterian PLC and undergoing a ten-for-one share consolidation.
To fund the acquisition, Eastinco has raised GBP950,000, of which GBP850,000 is through convertible loan notes, and GBP100,000 through the issue of 6.7 million shares through a placing of 1.5 pence per share.
In addition, the company will issue 20.7 million shares to directors and advisers.
Altus Strategies will own up to 25% in Eastinco, and own 15-new royalties, including one on the Musasa tantalum mine in Rwanda.
"I am delighted to report on this proposed acquisition of a significant portfolio of 15 copper, silver and other base metal exploration projects strategically positioned close to existing mining projects in Morocco. Upon completion, Altus will become a strategic shareholder of the company, demonstrating Altus' confidence in the projects, and providing us with an alignment of interest and the support of a well-respected industry player," says Executive Chair Charles Bray.
"The proposed listing on the LSE Standard List will provide us with exposure to a wider investor profile and greater liquidity in our shares and therefore a solid platform from which we can continue to grow. The proposed acquisition and admission are significant steps towards our goal of building a significant strategic metal exploration and development company," Bray adds .
Current stock price: 1.3 pence
Year-to-date change: down 53%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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