By Anthony O. Goriainoff
Technology Minerals said the proposed transaction to buy the remaining issued share capital of Recyclus Group was advancing well, and that it was progressing with the U.K.’s Financial Conduct Authority and in the final stages of obtaining approval for the publication of a prospectus.
The U.K. battery-metals company said Monday that as the proposed transaction constitutes a reverse takeover, it will change its name upon completion–which is expected early in the first quarter of 2024–to Recyclus Group PLC.
The company said Recyclus–of which it currently holds 48.35% of the issued share capital–has secure approval from its board and an agreement in principle from its shareholders, and that it will seek formal approval from its shareholders at a general meeting.
“Integrating Recyclus with Technology Minerals pushes forward our twin-track strategy to create a circular economy for battery metals through both the raw-material supply, and the reprocessing and re-use of end-of-life batteries,” the company said.
Shares at 0908 GMT were up 0.02 pence, or 1.9%, at 1.33 pence.
Write to Anthony O. Goriainoff at [email protected]
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