FINAL OFFER EXTENSION AND INTENT TO PURSUE DELISTING OF CORE GOLD AND ACQUIRE ALL OUTSTANDING CORE SHARES VIA SECOND STEP AMALGAMATION
Core Gold shareholders have now tendered 82.34% of the outstanding Core Shares to the Offer
Titan to take up and pay for the Core Shares tendered to date
Upon take-up of the deposited Core Shares, Titan will hold 83.31% of Core Gold, including the 5.48% held on commencement of the Offer
Having secured in excess of the 66.6% requirement, Titan now intends to pursue the delisting of Core Gold, and the acquisition of remaining Core Shares via a second step transaction
In order to gain immediate final acceptances, Titan has extended the period Core Gold shareholders have to tender their Core Shares under the Offer until 9:00 a.m. (Toronto time) on February 7, 2020. No further extensions are anticipated
Titan Minerals Limited (ASX: TTM) (“Titan”) is pleased to announce it has received firm commitments to raise gross proceeds of A$3.5 million via the issue of 21,875,000 new fully paid ordinary shares ("Shares") at an issue price of A$0.16 per Share ("Placement"). The Placement was strongly supported by domestic and offshore sophisticated and institutional investors. Canaccord Genuity (Australia) Limited acted as underwriter and lead manager to the Placement.
On 16 September 2019, Titan Minerals (“Titan”) announced its intention to make a public offer to the shareholders of Core to acquire all of the outstanding shares in Core. The formal offer made on 30 September 2019 included 2.5 fully paid ordinary shares of Titan for each Core common share held (the “Offer”), valuing Core shares at CAD$0.422. Titan has elected to increase the offer to 3.1 shares of Titan for each Core share (the “Increased Offer”).
The Increased Offer values Core at CAD$0.523 per Core share.
Offer raised to 3.1 Titan Minerals Ltd (“Titan”) shares for each Core Gold Inc (“Core”) share, an increase of 24% over the original offer, representing a 227% premium to Core’s undisturbed price immediately prior to the announcement of Titan’s bid
Core’s major shareholders enter into irrevocable lock-up undertakings to accept Titan’s bid.
Titan is now in receipt of lock-up arrangements for 76.4 million Core shares, or approximately 45.8% of Core’s share capital, in addition to the 9.2 million Core shares (5.5%) which Titan already owns
51.3% of the issued and outstanding shares and votes in Core (including Titan shares) have accepted or entered into lock-up arrangements.
Titan proposing to undertake a A$3.5 million equity placement and enter into a US$10 million debt facility
Euro Manganese Appoints Bacchus Capital Advisers and Provides Demonstration Plant Strategy Update
Bacchus Capital Advisers appointed as Euro Manganese’s financial adviser.
Update on ongoing discussions with potential customers regarding qualification of high purity manganese products from the proposed Chvaletice demonstration plant.
Euro Manganese Inc. (TSX-V / ASX: EMN) (the "Company" or "EMN") is please to report as follows:
Financial Adviser Appointment
Euro Manganese has appointed Bacchus Capital Advisers (“Bacchus Capital” or “BCA”) as its lead strategic and financial adviser, to provide support to the Company’s management and board of directors, as it advances with the financing and development of the Chvaletice Manganese Project, including the proposed Chvaletice demonstration plant. BCA will deliver tactical and strategic advisory services, including assistance with offtake arrangements and financing, leveraging its extensive international investor and industry network.
Why the U.S. is Missing out on the Race to Mine Trillions of Dollars Worth of Metals from the Ocean Floor
Vimy Resources Limited (ASX:VMY) is pleased to announce that gross proceeds of A$3.9 million was successfully raised through a placement to institutional and sophisticated investors.
Commitments received from new and existing institutional and sophisticated investors for a well-supported A$3.9 million Placement
Funds will be used to strengthen the Company’s balance sheet, and undertake an exploration program at the Alligator River Project, as well as to update the Definitive Feasibility Study at the Mulga Rock Project
A Share Purchase Plan (SPP) will shortly be offered to eligible shareholders to raise up to an additional A$3.0 million
Intends to make formal offer to acquire 100% of Canadian-based, Ecuador-focussed Core Gold Inc. (TSXV: CGLD)
Compelling strategic rationale for merger, to create an emerging Latin American focused gold explorer, developer and producer, with a large portfolio in Ecuador and Peru, as well as a substantially stronger balance sheet
Offer to include 2.5 fully paid ordinary shares of Titan for each Core Gold common share held, valuing Core Gold shares at CAD$0.422 – a 164% premium to the Core Gold closing price on 13 September 2019
This intended offer is on improved terms than the previous plan of arrangement proposal
Titan has acquired all of Core Gold’s secured debt in the principal amount of US$2.5 million in order to ensure the long term success of the Core Gold assets
Yellow Cake plc (“Yellow Cake” or the “Company”) Statement re: Section 232 Decision on U.S. Uranium Imports
Yellow Cake, a specialist company operating in the uranium sector with a view to holding physical uranium (“U3O8”) for the long term, notes the decision by President Donald Trump to implement no new trade restrictions on uranium imports into the United States following the Section 232 investigation into the matter.
As part of the decision not to introduce new trade restrictions, the President also announced the establishment of a United States Nuclear Fuel Working Group. The Working Group will report back to the President within 90 days, and will examine the current state of US domestic nuclear fuel production to reinvigorate the entire nuclear fuel supply chain, consistent with United States national security and non-proliferation goals.
Desert Lion Energy Obtains Final Order Approving Plan of Arrangement
Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to advise that that Desert Lion Energy Inc. (TSXV: DLI) ("Desert Lion Energy") has obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving a statutory plan of arrangement (the “Arrangement”) under the Business Corporations Act (Ontario) pursuant to which a wholly owned subsidiary of Lepidico will acquire all of the outstanding common shares of Desert Lion Energy (the “Common Shares”).
Perth and Toronto
Yellow Cake plc (“Yellow Cake” or the “Company”) Notice of Annual General Meeting and Publication of 2019 Annual Report
Yellow Cake, a specialist company operating in the uranium sector with a view to holding physical uranium (“U3O8”) for the long term, is pleased to announce the publication of its 2019 Annual Report, Notice of the 2019 Annual General Meeting (the “AGM Notice”) and Form of Proxy for the 2019 Annual General Meeting on the Company’s website www.yellowcakeplc.com.
Lepidico and Desert Lion to Merge to Create a Global Leader in the Development of Lithium Chemicals from Lepidolite Lepidico 1 for 9 Entitlements Offer to Fund Business Integration, New Development and Growth Opportunities
Lepidico Limited (ASX: LPD) (“Lepidico”) and Desert Lion Energy Inc. (TSXV: DLI) (“Desert Lion”) today announced they have entered into a definitive arrangement agreement (the “Arrangement Agreement”) whereby Lepidico will acquire all of the outstanding common shares of Desert Lion for 5.4 Lepidico ordinary shares for every 1 Desert Lion share (The “Transaction”). The Transaction will create a vertically integrated lithium development company from mine to chemical conversion plant by combining Lepidico’s leading proprietary lithium processing technologies with Desert Lion’s lepidolite Mineral Resources and extensive exploration package.
The agreed exchange ratio represents a premium of either 38% based on the closing price of Lepidico and Desert Lion shares on 3 May 2019 or 39% based on the 10 trading day volume weighted average price of the shares. Directors and officers of Desert Lion representing 17% of Desert Lion’s shares on issue have entered into voting and support agreements to vote in favour of the Transaction.
Perth and Toronto
Yellow Cake plc (“Yellow Cake” or the “Company”) Result of Placing of 12 million New Ordinary Shares in Yellow Cake plc
Yellow Cake plc (AIM: YCA), founded and established by Bacchus Capital to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term, is pleased to announce that 12,000,000 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a price of £2.15 per share (approximately US$2.81) (the “Placing Price”) via an accelerated bookbuild (the "Placing").
Due to strong investor demand, the Company agreed with the Joint Bookrunners to increase the size of the Placing to £25.9 million (approximately US$33.9 million) from the £22.9 million (approximately US$30.0 million) originally proposed. The Placing was conducted utilising the Company’s existing share authorities. The Placing Price represents a discount of 4.0% to the Company’s Net Asset Value (“NAV”) on 31 March 2019.
Bacchus Capital Marks First Anniversary with “Small Cap Deal of the Year” for IPO of Yellow Cake at the London Mines & Money Awards 2018
Bacchus Capital Advisers, the independent investment and merchant bank specialising in public market M&A, announces that the IPO of its uranium investment vehicle, Yellow Cake PLC, was awarded “Deal of the Year” in the prestigious London Mines & Money Awards 2018. Yellow Cake was created by Bacchus Capital to provide investors direct exposure to the anticipated structural improvement in the price of uranium, through the acquisition and storage of physical uranium in specialist facilities around the world.
Bacchus Capital Leads the Way in Mining Mergers and Acquisitions
Founded by the former Head of Mining & Metals at Morgan Stanley, Bacchus Capital’s portfolio of African clients has been going from strength to strength. To find partners to both invest and operate its Ghanaian gold mining project Gbane, Australian junior Cassius Mining recently sought the advice of Bacchus Capital Advisers.
Major Initiative in Uranium Commodity Launched by Bacchus Capital
Admission to trading on AIM and First Day of Dealings Yellow Cake, a specialist company operating in the uranium sector with a view to hold long term physical uranium ( "U3O8"), is pleased to announce that its ordinary shares have today been admitted to trading on the AIM market of the London Stock Exchange under the ticker YCA ("Admission") and ISIN JE00BF50RG45.
Investors in London are being tapped for up to $200 million by a new company in a bet on a recovery in the price of uranium. Yellow Cake said yesterday that its intention was to float and to use the proceeds to buy a $170 million stockpile of the radioactive metal. It said that uranium, used to make fuel for nuclear power stations, was "fundamentally and structurally mispriced in the current market" and that a looming supply crunch would push up prices.
Yellow Cake Heads for London Listing to bet on Uranium ‘Mispricing’
A vehicle planning to make a big bet on the price of nuclear fuel uranium has announced plans to float on the London Stock Exchange. Named after the raw form of the commodity, Yellow Cake is seeking to raise between $150m to $200m from investors, which it will use to buy 8.1m pounds of the radioactive material, according to people familiar with its plans. The vehicle has already struck a deal with Kazatomprom , the world’s largest uranium producer, to buy up to $170m of the metal at a 7.7 per cent discount to the current spot price.
City Veteran to Lead Float of Yellow Cake with Expectations of Uranium Price Rebound
A former investment banker is leading the flotation of a new company that plans to buy up and store huge quantities of uranium in anticipation of a jump in its value. Peter Bacchus, previously of Jefferies and Morgan Stanley, is masterminding the initial public offering of Yellow Cake, which is seeking to raise between $160m (£120m) and $200m that it will use to buy 8.1m pounds of the radioactive metal, used in nuclear reactors. It is understood that Yellow Cake - so named for the yellowy tint of powdered uranium - has struck a supply deal with Kazatomprom, the world's largest producer of uranium, to buy around $170m worth of the metal at a 7pc discount to the current spot price of around $22 a pound.
Lepidico Secures Strategic Alliance with Galaxy Resources
Galaxy agrees to subscribe A$2.9 million for 12% private placement of Lepidico Shares
Lepidico to offer shareholders an opportunity to participate on the same terms through a renounceable entitlement offer partially underwritten by Lead Manager, CPS Capital Group offered on a one for six basis at $0.01 per share, to raise up to approximately A$4 million
Total gross proceeds of up to A$7.0 million to fund Phase 1 L-Max® Feasibility Study through to final investment decision and further advance Lepidico’s resource development and exploration activities
Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to advise that Galaxy Resources Limited (ASX:GXY) (“Galaxy”) has agreed to subscribe for a 12% strategic shareholding in Lepidico via a private placement at 1 cent per share. Galaxy will acquire approximately 292 million shares in Lepidico for gross proceeds of A$2.9 million. The Company is also offering shareholders the opportunity to invest alongside Galaxy on the same financial terms, through a 1-for-6 stapled renounceable entitlement offer (“Entitlement Offer”) offered at $0.01 per share to raise up to approximately A$4 million. The Entitlement Offer is partially underwritten by CPS Capital Group Pty Ltd (“CPS”) to A$2 million.