Business
Completion of YMC Acquisition
Completion of YMC Acquisition.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n\n28 August 2024\nMETALS EXPLORATION PLC\nCompletion of YMC Acquisition\nIssue of Options, Management Incentive Plan Share Awards, Update on Buy Back and Total Voting Rights\nMetals Exploration plc (AIM: MTL) (\"Metals Exploration\", \"MTL\", the \"Company\" or the \"Group\"), a gold producer in the Philippines, is pleased to announce the following corporate update.\nUnless otherwise indicated, defined terms in this announcement shall have the same meanings as those given to them in the Company's circular dated 5 August 2024 (the \"Circular\").\nCompletion of YMC Acquisition\nFurther to the Company's announcement of 23 August 2024, confirming the passing of all resolutions at the Company's general meeting of the same date (the \"General Meeting\"), the Company's acquisition of 72.5% of the issued share capital of YMCP and the entire issued share capital of YMCS has now completed.\nIn the near-term, the Group intends to secure final clearance with local communities within the Philippines' National Commission on Indigenous Peoples (NCIP) framework in respect of the Abra Tenement and to accelerate its initial planned exploration work programme.\nDarren Bowden, Chief Executive Officer of Metals Exploration, commented:\n\"The completion of the YMC transaction is a particularly exciting milestone, as the Company continues to position itself for future growth beyond Runruno. The acquisition of the YMC Group aligns seamlessly with Metals Exploration's strategic ambition to be a diversified gold producer, building on its strong foundations in the Philippines.\n\"Not only does this constitute a highly prospective exploration licence, covering 16,200 hectares on the island of Luzon, a prolific gold belt, but an opportunity for the Company to capitalise on its pedigree. Here, we can apply our extensive and highly relevant knowledge of mining in the region, whilst leveraging our experience, further building on our already strong relationships.\n\"We can now look forward to advancing this asset, once the final clearances are in place, seeking to recreate the success that we delivered at Runruno; whilst also utilising our strong balance sheet to deliver further appropriate acquisitions. We look forward to updating shareholders in due course.\"\nIssue of Tranche B Options\nAs part of the consideration payable pursuant to the Acquisition, the ...