Nyota Minerals looks to reverse takeover of BigDish

(ShareCast News) - Nyota Minerals has concluded negotiations that will see BigDish Ventures Ltd provide debt funding to it. The companies would also work towards agreeing a reverse takeover of BigDish Ventures by Nyota.Nyota, whose shares were temporarily suspended upon the company's request this morning and pending an announcement, said it had entered into a loan agreement with BigDish Ventures for a total maximum of £200,000.The loan would be used to provide additional funds for general working capital purposes and initial due diligence and transaction expenses in respect of the proposed reverse takeover.Relating to the latter, Nyota confirmed it had inked a non-binding letter of intent with Jersey-registered BigDish Ventures and its subsidiary, Philippines-registered Bigdish Inc. "The company and BigDish Ventures will work towards an agreement whereby the company would acquire 100% of BigDish Ventures and indirectly, Bigdish (Inc)," Nyota said in a statement."Bigdish (Inc) is currently finalising a corporate restructure that will see BigDish Ventures become a non-operating holding company of Bigdish (Inc)."Nyota added the proposed acquisition was subject to a number of material conditions, including due diligence, documentation, funding and compliance with all regulatory requirements.At about 11:10 GMT, shares in Nyota were unmoved at 0.05p each.