UPDATE: Atlas Metal agrees GBP1 billion reverse takeover of UPSA

(Alliance News) - Atlas Metal Group PLC on Wednesday saw its shares skyrocket as it announced it entered into a conditional agreement to buy Universal Pozzolanic Silica Alumina Ltd, or UPSA, for GBP1 billion via a reverse takeover.

Atlas Metals, a natural resources and energy investor formerly known as MetalNRG, said under the share purchase agreement, the GBP1 billion consideration will be settled via a share-for-share exchange by the issue of new shares in the capital of Atlas. The price is yet to be determined.

UPSA has the commercialisation rights to a substantial pozzolanic silica alumina reserve in Australia, the Warialda Quarry, with 99 years of extraction rights for 250 million tonnes.

Atlas Metal Chief Executive Officer Chris Chadwick said: "UPSA provides an opportunity to access a world-class pozzolanic silica alumina reserve at an attractive valuation. Given the positive environmental impact UPSA provides the international construction industry, the UPSA resources are already attracting interest from major cement and concrete players and will be targeted for use in private and government infrastructure development projects globally."

Shares in Atlas Metal more than quadrupled to 46.00 pence each on Wednesday morning in London, giving it a market capitalisation of GBP6.6 million. The shares had closed at 10.90p each on Tuesday.

By Tom Budszus, Alliance News slot editor

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Atlas Metals Group PLC