Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
As previously announced, the Atomic Acquisition amounts to a reverse takeover under the Listing Rules. The Company previously announced on March 16, 2021 that it made a conditional suspension request to the Financial Conduct Authority ("FCA") under Listing Rule 5.3. As the Atomic Acquisition has now completed and the reverse takeover of Target become wholly unconditional, the listing of the Company's common shares will be suspended with effect from 7:30 am today, March 17, 2021 (the "Suspension"). The Suspension is intended to prevent trading in the Company's common shares post completion of the Atomic Acquisition.
Following the Suspension, the Company intends to proceed to make a further application to the FCA under Listing Rule 5.6.19 to cancel the listing of the Company's common shares from the Official List of the Main Market of the London Stock Exchange (the "Cancellation Request").
The Company wishes to expressly confirm that the Cancellation Request will not affect the listing of the Company's securities on the Canadian Stock Exchange, which will remain listed on the Canadian Stock Exchange.
After the Cancellation Request becomes effective, the Company intends for the enlarged COPL group, being the Company (and its subsidiaries) and the Target (and its subsidiaries) under the completed Atomic Acquisition (the "Consolidated COPL Group"), to make an application for admission to the Official List of the London Stock Exchange (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange's Main Market for listed securities (the "Listing Application").
The Company is actively working to progress the Listing Application deliverables which includes a number of regulatory filings with, and approvals from, the FCA, including that of a new prospectus for the Consolidated COPL Group (the "Prospectus"). The Company will be in a position to submit the new Prospectus to the FCA and proceed with the Listing Application once a number of post Atomic Acquisition steps have been completed including the finalisation of the Target's consolidated financial accounts, prepared in accordance with International Financial Reporting Standards.
The Company will continue to update the market as and when appropriate.
Arthur Millholland, President and CEO, commented: "The Denver Colorado area, where Atomic is headquartered, and the western states were impacted by a severe winter storm yesterday which caused disruption in the process of the transaction completion. It is on track to happen today and we are excited to finalize the process."
About Atomic
Atomic is currently a closely-held private oil and gas company incorporated under the laws of the State of Colorado. COPL will acquire 100% of the shares of Atomic on closing of the acquisition on March 15, 2021. Atomic's assets are located in the Powder River Basin in Converse County, Wyoming, USA where it holds operated interests in 58,552 acres (gross) of contiguous leasehold. There are two oil production Units within the lease block: the Barron Flats Shannon Miscible Flood Unit (57.7% WI) and the Cole Creek Unit (66.7%), as well as one unitized exploration area - the Barron Flats Federal Unit (deep). Atomic has two affiliates: The Southwestern Production Corp, the operating entity; and Pipeco, a midstream company holding the pipeline and facility assets.
Wasnt that long along, we were on the brink of being broke and for us PI, out of pocket. Unless you have been a CEO of an E&P or similar, give credit where credit is due to AM, we dont always get to see the bigger picture. GLA