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LONDON (Alliance News) - African Battery Metals PLC on Monday said it has raised GBP1.0 million through a share placing and subscription to settle outstanding amounts owed to creditors.
In addition, the exploration company said Chief Executive Roger Murphy and Executive Director Matt Wood will step down from the board and leave the company in February and September, respectively. African Battery said it has appointed Andrew Bell as executive chair and Paul Johnson as executive director to replace Murphy and Wood.
Johnson is currently CEO of advisory firm Value Generation Ltd, while Bell previously served as a non-executive chair of exploration company Greatland Gold PLC.
Separately, AIM-listed African Battery said it issued 200.0 million shares at 1 pence each. Trading in the shares was suspended in mid-December, pending clarification of the company's financial position.
Bell and Johnson each have subscribed for 10.0 million shares, worth GBP50,000. Red Rock Resources PLC, a company of which Bell is a director and a significant shareholder, subscribed for 20.0 million shares, totalling GBP100,000.
Following the equity raising, outstanding amounts owed to creditors will be settled, the company said, and it will have no material debts remaining.
Looking ahead, the company said it intends to undertake a full strategic and operational review. African Battery will seek to acquire new opportunities to complement and diversify its existing business, it said.
"I am pleased to report the board have been able to negotiate and conclude a business restructuring and refinancing package that enables the company, subject to shareholder approval at general meeting, to return to trading on the market," said Chief Executive Roger Murphy.