Business
Proposed RTO Transaction & Suspension of Trading
Proposed RTO Transaction & Suspension of Trading.
About this update from Capital Metals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7941C\n Equatorial Palm Oil plc\n 21 October 2020\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (\"MAR\"). UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n 21 October 2020 \n \n \n The issuer advises that the following replaces the \"Proposed Reverse Takeover Transaction and Suspension of Trading\" announcement released on 21 October 2020 at 7.00 under RNS number 7613C.\n \n \n In the seventh paragraph, the issue price of the Consideration Shares is clarified to be 12 pence per share (following the 20:1 share consolidation) which is equivalent to 0.6 pence per Ordinary Share (\"Issue Price\").\n \n \n In \"The Strategy\" section, wording to clarify that the Company's strategy is to undertake the placing at the Issue Price. \n \n \n The announcement should have stated that aggregate total consideration of £15.84 million by the issue of up to 132,000,000 new Ordinary Shares in the Company equates to a price of 0.6 pence / 12 pence per Ordinary Share (\"Acquisition Price\").\n \n \n The announcement should have also stated that the proposed raise of £2m+ to further the Project will be completed at this Acquisition Price. \n \n \n All other details remain unchanged and the full amended text is shown below.\n \n \n EQUATORIAL PALM OIL PLC\n \n \n (\"EPO\" or the \"Company\")\n \n \n Proposed Reverse Takeover Transaction and Suspension of Trading\n \n \n Signing of conditional Acquisition Agreement to acquire up to 100% of Capital Metals Limited\n \n \n Equatorial Palm Oil plc (AIM: PAL), the Rule 15 cash shell, is pleased to announce 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 mineral sands project in Sri Lanka, to acquire their shares in CML (\"CML Shares\") in exchange for ordinary shares (\"Ordinary Shares\") in the Company. \n \n \n Capital Metals Limited (\"CML\") was incorporated in 2015 to acquire licenses prospective for mineral sands in Sri Lanka (\"Project\"). Since acquiring the Project, CML has developed it by undertaking drilling and exploration, establishing a JORC Resource and undertaking detailed met...