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Tuesday 05 July, 2022

SunMirror AG

CORRECTION: TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED WILL MORE LIKELY THAN NOT BE UNSUCCESSFULL - SUNMIRROR PUSHES FULL STEAM AHEAD WITH RESOURCE PROJECTMOOLYELLA LITHIUM

EQS-News: SunMirror AG / Key word(s): Miscellaneous
SunMirror AG: CORRECTION: TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED WILL MORE LIKELY THAN NOT BE UNSUCCESSFULL - SUNMIRROR PUSHES FULL STEAM AHEAD WITH RESOURCE PROJECTMOOLYELLA LITHIUM

05.07.2022 / 18:08
The issuer is solely responsible for the content of this announcement.


CORRECTION: INVESTOR HAS NOT PAYED AS AGREED/ INDEPENDENT DIRECTORS OF LATITUDE 66 COBALT LIMITED CHANGE THEIR RECOMMENDATION FROM ACCEPT TO DECLINE AND HAVE WITHDRAWN THEIR ACCEPTANCE OF THE OFFER: TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED WILL MORE LIKELY THAN NOT BE UNSUCCESSFULL - SUNMIRROR PUSHES FULL STEAM AHEAD WITH RESOURCE PROJECTMOOLYELLA LITHIUM

 

Zug, Switzerland: 05.07.2022. The deadline for SunMirror AG’s ("SunMirror"; Xetra; Vienna: ROR1; ISIN CH0396131929) acquisition of Latitude 66 Cobalt Limited ("Lat66") will more likely than not unsuccessfully end on July 12, 2022. To date, SunMirror has tried to raise EUR 70 million in additional capital within the agreed timeframe, which had been extended several times, as part of the Lat66 takeover. Unfortunately, the investor who bindingly subscribed to the EUR 70 million authorized capital, only paid in a partial amount. SunMirror reserves the right to take legal action against those responsible.

The independent directors of Lat66 have withdrawn their recommendation that Lat66 shareholders accept the takeover offer. The independent directors now recommend that Lat66 shareholders reject the takeover offer and withdraw their acceptances. To date, the acceptance rate is at 62.19%, thus, SunMirror believes that it is more likely than not that the minimum acceptance condition (90% acceptance, by number, of all Lat66 shares) may not be fulfilled at the end of the offer period, being July 12, 2022 (“Offer Period). If this condition is not fulfilled at the end of the Offer Period, all acceptances received would be void. 

Strategically, SunMirror is now fully focused on reducing overheads and expenses wherever possible and investing available funds primarily in the development of value-added resource projects.

Thus, SunMirror wants to rapidly develop the Moolyella lithium project, where first rock samples were analysed earlier this year. Dr Heinz Kubli, CEO of SunMirror: "The Moolyella licence is very promising for the occurrence of lithium-bearing pegmatites. This was confirmed by the assays. By focusing on this boron programme, we hope to create significant value for the company and its share price. We are particularly confident that our neighbour there, Global Lithium Resources, has been steadily expanding its resource base and more than doubling its share price over the last 5 years."

The first drilling is planned for the end of this year. The directors of SunMirror are very optimistic that the company will be able to create significant value from the Moolyella development.

As a further step to advance the resource projects, SunMirror allocated a budget for the Kingston Keith project to start the necessary preliminary work. A first drilling programme is to be carried out there as early as next year.

In addition, SunMirror plans to significantly reduce costs and resources by restructuring the group. The companies currently affiliated under SunMirror Luxembourg S.A., Lithium 1 and Pharlap, are to be brought under the Swiss group entity. This will save costs for the board and directors of the Luxembourg intermediate holding company as well as for the additional annual financial statement there.

In addition to these strategic measures, additional assets are to be developed that can be brought into the company. This is also intended to increase the portfolio and the value of the company.

 

 

About SunMirror AG

The SunMirror Group invests in strategic exploration projects with a focus on green battery metals such as cobalt, lithium and nickel, as well as iron ore and gold deposits in developed markets. The aim is to either mine metals itself or sell these projects to strategic buyers at a later stage. In doing so, SunMirror differentiates itself from other market participants through a mine-to-market sustainability approach across the entire value chain and thus becomes the originator of best practice in the mining sector.

 

The Company's shares (ISIN CH0396131929) are listed on the Vienna Stock Exchange (official trading, ticker: ROR1) and on the OTC markets of the Frankfurt Stock Exchange, the Düsseldorf and Berlin stock exchanges (ticker: ROR) and are also traded on and Xetra. Further information can be found at: www.sunmirror.com.

Contact

Dr. Reuter Investor Relations
Dr. Eva Reuter

Office Frankfurt
Friedrich Ebert Anlage 35-37
Tower 185
60327 Frankfurt - Germany
Tel: +49 (0) 69 1532 5857

Office Münster
Oststrasse 12b
48145 Münster - Germany



05.07.2022 This Corporate News was distributed by EQS Group AG. www.eqs.com


Language: English
Company: SunMirror AG
Steinhauserstrasse 74
6300 Zug
Switzerland
E-mail: [email protected]
Internet: https://www.sunmirror.ch
ISIN: CH0396131929
WKN: A2JCKK
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Tradegate Exchange; Vienna Stock Exchange (Official Market)
EQS News ID: 1391315

 
End of News EQS News Service

1391315 05.07.2022 

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