JSE-listed base and technology metals miner Union Atlantic Minerals reports that the subscription for 194.36-million shares by investment company Ibhubesi Capital, has been implemented, with Ibhubesi providing a written undertaking to pay, by no later than September 30, a deposit in escrow of R24.2-million for the subscription of 1.54-billion shares in Union Atlantic.
Upon issue of the shares, and together with the initial subscription shares, Ibhubesi will hold 51% of the entire issued share capital of Union Atlantic.
On June 17, 2020, Union Atlantic noted in a statement that it had embarked on a process to source financing through an alternative strategy of seeking a foundation shareholder who would support the strategy of the company, as articulated in its integrated report of 2018, as well as present alternate strategies to grow the company.
At the time, Union Atlantic stated its focus as being on the exploration for, and production of, metals required for the new technology age.
Ibhubesi was founded by South African entrepreneur Aldworth Mbalati, with its principal objective being the procurement of high-impact and high-growth opportunities in the resources sector in Africa.
Mbalati is also CEO of liquefied natural gas (LNG) supply network DNG Energy.
DNG Energy is developing a new way of delivering energy in terms of transactions which are digital and safe, with LNG being available on demand.