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LONDON - Metals One Plc (AIM:MET1) has reached a settlement agreement with 80 Mile PLC (AIM:80M) to terminate its conditional acquisition of FinnAust Mining Finland Oy, the company announced in a press release Tuesday.
Under the settlement terms, Metals One will pay £150,000 cash plus costs incurred in connection with the transaction. The agreement also removes Metals One’s future obligation to issue 2 million deferred consideration shares related to its 2023 acquisition of FinnAust Mining Northern Oy.
The terminated deal means Metals One will not proceed with acquiring the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project in Finland. The company will instead prioritize exploration expenditure on other projects, including its uranium and gold interests in the USA.
Metals One retains its 93.75% interest in the Black Schist Project in Finland, which contains a 57.1 Mt nickel-copper-cobalt-zinc JORC Inferred Resource.
As part of the settlement, 80 Mile loses its right to appoint a director to Metals One’s board. The previously announced appointment of Olga Solovieva will not proceed. According to the release, 80 Mile is no longer a shareholder in Metals One following the disposal of its shares in May.
Separately, Metals One confirmed the issuance of 500,000 new ordinary shares as consideration for its acquisition of the Uravan Uranium-Vanadium Project in Colorado. These shares were issued at 19.0363 pence per share, representing a 5% discount to the five-day volume weighted average price.
The company also announced it received notice for the exercise of cash warrants over 1 million ordinary shares at 2 pence per share. Following the admission of these new shares, Metals One’s issued share capital will consist of 281,547,750 ordinary shares with voting rights.
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