Business
Acquisition of Producing Copper Mine in Morocco
Acquisition of Producing Copper Mine in Morocco.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n17 October 2024\nMetalNRG plc\n(the \"Company\" or \"MetalNRG\")\nAcquisition of Producing Copper Mine in Morocco\nProposed Change of Name and Management\n \nMetalNRG plc (LON:MNRG), the natural resources company, is pleased to announce that it has signed a binding sale and purchase agreement (the \"SPA\") to acquire the entire issued share capital of Compagnie Minière de Oumejrane (\"CMO\") from Managem S.A. (\"Managem\" or the \"Seller\"), a mining company listed on the Casablanca Stock Exchange in Morocco, with mining operations throughout Africa (the \"Acquisition\").\nThe Acquisition will include 100% ownership of the Oumejrane copper mine, which is in production, cash generative and a profitable operation, located in the Eastern Anti-Atlas of Morocco. OMF Fund IV SPV K LLC, a fund managed by Orion Resource Partners (\"Orion\"), has entered into a US$25,000,000 convertible loan note (the \"CLN\") with MetalNRG, the proceeds of which will be used by MetalNRG to complete the Acquisition. The closing of the CLN remains subject to the satisfaction of the conditions precedent set forth therein. The Acquisition is conditional on the grant of certain customary regulatory approvals in Morocco.\nTo reflect this transformative transaction and the new strategic direction of the Company, the Company is proposing to change its name to Atlas Metals Group plc on completion of the Acquisition. In addition, a new management team will be put in place with Christopher Chadwick being appointed as the Company's Chief Executive Officer with immediate effect and other changes to the Company's board of directors and senior management team expected at completion, including the appointment of Vinesh Karia as Chief Financial Officer and Neil Gawthorpe as Chief Operating Officer, who will both bring significant skills and experience to the Company.\nHighlights\n· Binding agreement to acquire 100% of CMO for an initial consideration of US$30 million on...