Business
Update on Cameroon Licences/OEL SPA
Update on Cameroon Licences/OEL SPA.
About this update from Technology Minerals Plc
[{"type":"text","content":"\n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n 27 June 2022\n \n \n \n \n \n \n \n \n \n Technology Minerals Plc\n \n \n \n \n \n \n \n \n \n (\"Technology Minerals\" or the \"Company\") \n \n \n \n \n \n \n \n Update on Cameroon Licences/OEL SPA\n \n \n \n \n \n \n \n \n Further to the announcement on 23 February 2022, Technology Minerals Plc (LSE: TM1), the first UK company focused on creating a sustainable circular economy for battery metals, announces the following update in respect of the OEL Share Purchase Agreement (\"OEL SPA\") as referred to in the Company's Prospectus.\n \n \n \n \n \n By way of background, at Admission on 17 November 2021, Technology Minerals acquired all the issued shares of Onshore Energy Limited (\"OEL\") from its shareholders (\"OEL Vendors\"). OEL's wholly-owned subsidiary, Technology Minerals Cameroon Limited (\"TMC\"), applied for five exploration permits in Cameroon. As these were not granted prior to Admission, the purchase price and accordingly the issue of New Ordinary Shares to OEL Vendors were reduced by 20% until such time as all five permits are granted, provided that the date of grant was no later than 31 December 2021. Accordingly, the Directors reserved 84,000,000 ordinary shares in the Company to issue to the OEL Vendors providing the permits were granted no later than 31 December 2021. \n \n \n \n \n \n As announced on 23 February 2022, the Company received copies of all permits concerned and instructed independent Cameroon legal counsel to verify the validity of the permits. Legal counsel has now concluded it was not possible for the five permits to be legally granted to TMC under Cameroonian law and therefore the permits are not valid. As a result of that advice, the Company will not be issuing the 84,000,000 ordinary shares to the OEL Ve...