Update on Cameroon Licences/OEL SPA

RNS Number : 2080Q

Technology Minerals PLC

27 June 2022

 

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.

27 June 2022

Technology Minerals Plc

("Technology Minerals" or the "Company") 

Update on Cameroon Licences/OEL SPA

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.

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. 

 

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 Vendors. The Company is now taking steps so that the permits will be valid under Cameroon law.

 

The Directors of the Company accept responsibility for this announcement.

 

For further information please contact:

Technology Minerals Limited
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer	[phone]
Arden Partners Plc
Ruari McGirr, George Morgan	[phone]
Luther Pendragon
Harry Chathli, Alexis Gore, John Bick	[phone]

Technology Minerals Plc 

Technology Minerals is developing the UK's first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk

 

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