IN BRIEF: Metals One notes Lions Bay makes bid for Vantage Goldfields

Metals One PLC - London-based metals exploration and development - Lions Bay Capital Inc, a mining finance and investment firm, says its 47%-owned South Africa subsidiary Lions Bay Resources Pty Ltd makes an offer for all the assets of Vantage Goldfields. Vantage is in business rescue following a mine collapse in 2016. It has assets in the Barberton region of South Africa with a historic resource of 4.5 million ounces of gold. Lions Bay offers CAD46.5 million, about GBP25.2 million, for the Vantage assets, comprised of an initial cash payment of CAD12.7 million, a second payment of CAD18.8 million in shares, and a final payment of CAD15.0 million paid a royalty on gold revenue. The share portion will be based on a price of CAD0.50 per share. The Toronto-listing closed at CAD0.33 on Wednesday last week.

AIM-listed Metals One has a 19.1% stake in Lions Bay Capital and a 5% stake in Lions Bay Resources. It recently invested a further USD1.8 million in convertible loan notes of Lions Bay Resources. If all converted, Metals One would have a stake of at least 30% in Lions Bay Resources.

"Lions Bay Resources' bid for Vantage marks an exciting step in its strategy to create a vertically integrated gold business in South Africa," comments Metals One Managing Director Daniel Maling. "As a stakeholder in both Lions Bay entities, Metals One could create significant value for its shareholders from these opportunities."

Current Metals One stock price: 2.07 pence, up 5.5% in London on Monday

12-month change: down 51%

By Tom Waite, Alliance News editor

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