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Acq'n of CML; Publication of Admission Document
Acq'n of CML; Publication of Admission Document.
About this update from Capital Metals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6636J\n Equatorial Palm Oil plc\n 23 December 2020\n \n \n \n \n 23 December 2020\n \n \n Equatorial Palm Oil plc\n \n \n (\"EPO\" or the \"Company\")\n \n \n \n \n \n Proposed Acquisition of Capital Metals Limited (\"CML\") for £15.84 million\n \n \n Placing and Subscription to raise £2.085 million \n \n \n 20:1 Share Consolidation\n \n \n Publication of Admission Document\n \n \n Notice of General Meeting\n \n \n & Change of Name to Capital Metals plc\n \n \n \n \n \n The Company is pleased to confirm it has conditionally raised £2,000,000 at a post consolidation price of 12p per share (0.6p pre-consolidation) (\"Placing Price\") through an oversubscribed Placing by its broker Brandon Hill Capital Ltd. In addition, a further £85,000 has been raised through a subscription with existing management at the Placing Price. Further details of the Placing and Subscription can be found below.\n \n \n The Placing and the Subscription are intended to support the proposed acquisition of Capital Metals Limited for £15.84 million, which is being funded through the issue of new ordinary shares at the Placing Price. The Placing and Subscription in addition to current funds held by the Company provides sufficient working capital for the Company to significantly advance the Development Study and Work Programme of the Eastern Minerals Project in Sri Lanka (the \"Project\"), the principal asset of CML. The acquisition of CML is conditional upon approval by shareholders in a general meeting scheduled for 11 January 2021.\n \n \n Asset Overview\n \n \n The Project has an established JORC Resource of 17.2Mt, of which 84% is in the Measured and Indicated categories, with an average grade of 17.6% Total Heavy Minerals (\"THM\"), making it one of the highest grade deposits in the global peer group. Less than 5% of the Project area has been drilled to date and the JORC Resource is from surface to a depth of 3m. Exploration work has shown continuation beyond 3m and also returned grades in excess of 26% THM. Accordingly, the Company expects to be able to upgrade the size of the resource in due course. Additional adjoining exploration licences are also under application.\n \n \n Given the very high grades and simplicity of processing, no blasting or chemicals are required, operating costs for development are e...