LONDON - MetalNRG plc (LON:MNRG), a natural resources company, is nearing the completion of its acquisition of Compagnie Minière de l'Oumejrane S.A. ("CMO") from Managem S.A., with several preconditions already met. The company has secured a term sheet with a strategic investor for the remaining US$5 million of the US$30 million initial consideration, complementing the US$25 million convertible loan note provided by Orion Resource Partners.
A Competent Person's Report (CPR) by Mining Plus Pty Ltd on the Oumejrane copper mine, owned by CMO, outlines the current operations and future strategies to enhance production and efficiencies. MetalNRG is developing a 100-day plan post-acquisition, focusing on ESG initiatives, tailings management, and mining and processing improvements.
The acquisition is subject to regulatory approvals in Morocco, MetalNRG shareholder approval at a general meeting on December 5, 2024, publication of a prospectus containing the CPR, and admission of the company's enlarged share capital to the London Stock Exchange (LON:LSEG). MetalNRG also intends to raise up to £15 million through a placing conditional on the acquisition's admission.
CEO Christopher Chadwick expressed optimism about the acquisition's progress and the company's transformation into Atlas (NYSE:ATCO) Metals Group, which aims to own a cash-generative operation in Morocco. The acquisition's successful completion is not guaranteed, and further updates are to follow.
This article is based on a press release statement from MetalNRG.
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