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Amala Foods PLC - Jersey-based food technology firm formerly known as BigDish - Says sales and purchase agreement for transaction with Terra Rara UK Ltd will be executed "in the near term". This follows previous announcements that it will repurpose its public listing with the acquisition of Terra Rara, a rare earth elements company.
Amala also notes recent progress by Terra Rara's Uganda subsidiary with exploration licenses, which were granted for over 330 square kilometres of "highly prospective" ionic clay rare earth elements mineralisation.
"As we close out the due diligence period, Amala Foods anticipates being in a position within the very near future of signing the sales and purchase agreement to acquire the entire issued share capital of Terra Rara UK Ltd and a complete rebirth of the listed vehicle. I am confident that following solid expressions of interest of finance provision in bringing this opportunity to fruition that shareholders in the company stand on the cusp of a new and exciting beginning," says Amala Director Aidan Bishop.
Current stock price: 0.49 pence, down 12%
12-month change: down 69%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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