RNS14 Dec 2020 13:45
My Inital thoughts is that we probably wont hear much until March 2021, most companies would normally want to have a year worth of a cashflow plan. Also be interesting who owns the other 48.6% of Capital Metals Limited, assume its the orginal holders and their families, a bit of skin in the game is always good.
The Directors have prepared a cash flow forecast for the period ending 31 March 2022, which considers the cash held by the Group at the year end, less future administrative and planned expenditure.
The forecasts do not assume that additional cash will be raised by the Company or that the CML transaction will complete. These forecasts show that the Company currently has sufficient cash to pay the overheads of a cash shell throughout the forecast period.
On 21 October 2020, the Company announced that it has reached conditional agreement with parties holding a majority of the shares (51.4 per cent.) ("CML Majority") of Capital Metals Limited ("CML"), a company developing a high grade mineral sands project in Sri Lanka, to acquire their shares in CML ("CML Shares") in exchange for ordinary shares in the Company ("Ordinary Shares").