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(Alliance News) - Boston International Holdings PLC on Wednesday said its reverse takeover of Seychelles-based company Hyperion Resources Ltd is progressing,
This comes after the London-based special purpose acquisition company signed a non-binding heads of terms with Hyperion Development Corp to acquire the entire share capital of the privately owned company in exchange for shares.
Hyperion wholly-owns Camel Gold SRL which owns a 100% interest in a gold and other precious metals exploration licence known as the Yansse Gold project, located near Ougadougou in Burkina Faso.
Boston Int added that the re-admission of its ordinary shares to trading on the London Stock Exchange will occur "as soon as practicable."
The firm had requested to be suspended from the Official List back in April as it was in preliminary discussions with the shareholders of Topic SA for the acquisition of all or the majority of the issued share capital of Topic in exchange for the issue of new Boston International shares.
There can be no certainty that the transaction will complete as the re-admission remains subjected to regulatory approvals, which includes approval by the UK Financial Conduct Authority, Boston Int said. Subject to this, the listing will be cancelled and the "enlarged" issued share capital will be admitted to the Official List and to trading on LSE.
Additionally, Boston Int said directors have subscribed for a total of GBP23,217.54 new zero coupon convertible unsecured loan notes, repayable on March 31, at a price of 0.75 pence.
By Sabrina Penty, Alliance News reporter
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