African Battery Metals to restructure, raise £1m
Africa-focused African Battery Metals has concluded a business restructuring and refinancing package that will enable it, subject to shareholder approval, to return to trading on the Aim, CEO Roger Murphy said on Monday.
In a business update to shareholders, the company announced the conditional placing of shares to raise £1-million at 0.5p a share, resulting in the issue of 200-million new shares of 0.1p each, as part of the refinancing package.
The refinancing of the company is subject to the passing of all resolutions at a general meeting to be held by the company; the resumption of trading in the company’s securities on Aim; and the admission to trading on Aim of the refinancing shares, creditor shares, fee shares and director shares.
Each refinancing share has an attaching warrant to subscribe for one new ordinary share of 0.1p each in the company at a price of 1p apiece.
The refinancing exercise will allow for the payment of all material company creditors through a mixture of cash and/or shares and enable the company to be essentially debt free with a robust cash position sufficient for at least 12 months of operation when considering current business costs and operational plans, the company said.
Subject to the passing of resolutions at the general meeting, CEO Roger Murphy and executive director Matt Wood will step down from the board, with Andrew Bell to be appointed executive chairperson and Paul Johnson executive director.
Bell and Johnson have committed to subscribe for £50 000 each in the refinancing.
Further, Red Rock Resources, a company in which Bell is a director, has committed to subscribe for £100 000 in the refinancing.
“I would like to thank all the parties involved, including my fellow board members and our advisers, for their support during what has been an intensive six weeks of work and discussions to reach this point today.
“Of paramount importance is that the company has now been financially stabilised and that it uses this fresh start to grow and return value to our shareholders,” commented Murphy.
The company will undertake a full strategic and operational review to ensure corporate costs are minimised, to target forward exploration resources in a prioritised manner and to consider potential new opportunities to complement and diversify the company’s interests.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation