Technology Minerals PLC - London-based battery metals and recycling - Deal to acquire the remaining 52% of subsidiary Recyclus Group Ltd as a reverse takeover "continues to progress well". Expects to circulate a prospectus for shareholder approval in the first quarter of 2024, as previously planned. Acquisition will be finalised on terms that are "materially similar" to those outlined, when Technology Minerals announced in October that it signed a binding heads of terms to acquire the remaining shares in Recyclus. Technology Minerals Chair & Recyclus Director Robin Brundle says: "We are pleased to see our proposed reverse takeover progressing as planned. The business is making significant progress on several fronts, in line with management's expectations. The board considers 2024 to be a pivotal year for the Recyclus business as it reaches the inflection point in its development from which it is expected to accelerate its growth by benefitting from its first mover advantage in the provision of industrial-scale lithium-ion battery recycling."
Current stock price: 0.70 pence, down 6.7%
12-month change: down 36%
By Greg Rosenvinge, Alliance News senior reporter
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