Equatorial Palm Oil PLC - AIM-listed cash shell - Shares suspended as it signs conditional agreement with 51% of shareholders in Capital Metals Ltd to wholly acquire the company for GBP15.8 million.
Capital Metals is developing a mineral sands project in Sri Lanka, which has a JORC resource estimate of 17.2 million tonnes at 17.6% of total heavy minerals, including ilmenite, zircon, rutile and garnet, with 84% of the resource Measured & Indicated.
Payment will be funded through issue of up to 132.0 million shares, equal to a price of 12 pence each.
Also plans to raise around GBP2.0 million through a placing in order to further develop the project.
Current stock price: 0.77 pence
Year-to-date change: up 10%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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