REG - Oneiro Energy PLC - Proposed Acquisition & Suspension of Listing

Oneiro EnergyAnnouncement

21/06/2024 07:00

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RNS Number : 3017T  Oneiro Energy PLC  21 June 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

 

21 June 2024

Oneiro Energy plc

("Oneiro" or the "Company")

 

Proposed Acquisition

Suspension of Share Listing

 

Oneiro Energy plc (LSE:ONE), the LSE-quoted Company focussed on energy
transition, is pleased to announce that the Company has agreed in principle to
acquire the exploration activities of Switch Metals, a Mauritian private
investment company focused on battery minerals and technology metals
("Switch").  Oneiro and Switch have agreed heads of terms (the "HoT") for
Oneiro to acquire Switch's wholly owned Côte d'Ivoire subsidiary (the
"Exploration Company") which holds several exploration licences and licence
applications, as well as the transfer of binding options held by Switch to
acquire further licences (the "Assets").

 

Switch's assets are all located in Côte d'Ivoire, one of the fastest growing
African economies and an attractive mining jurisdiction. Switch has assembled
a diverse portfolio of assets covering multiple historic occurrences of
lithium, tantalum, niobium, nickel, cobalt, copper, and manganese identified
in Côte d'Ivoire. The Switch portfolio - spread over some 4,000km sq. km - is
made up of 6 licences and 8 adjacent applications, each offering district
scale discovery potential. Switch either already controls or has the option to
control 100% of all its projects except for its 80% owned manganese joint
venture.

 

Under the HoT, the Company proposes to acquire the Assets by way of an issue
of new ordinary shares of 0.85 pence each ("Ordinary Shares") to Switch,
including the issue of a number of Ordinary Shares deferred and dependent on
achieving certain performance targets and warrants to subscribe for Ordinary
Shares (the "Acquisition").  The Acquisition would constitute a reverse
takeover under the FCA Listing Rules.  In addition, subject to final terms,
Oneiro has agreed to provide the Exploration Company with a working capital
facility of up to US$500,000 to enable it to progress its development
activities ahead of completion of the Acquisition, which it is hoped will be
achieved during the Company's current financial year.  It is anticipated that
the Acquisition would be accompanied by an issue of new Ordinary Shares to
finance the ongoing activities of the enlarged Company.  It is currently
anticipated that shareholdings in the enlarged share capital will be split
approximately equally between the Company's existing shareholders, the vendors
and investors participating in a fundraising to accompany the Acquisition.

 

The Company has requested to the FCA that the listing of its Ordinary Shares
on the FCA Official List is suspended with effect from 0730 today under Rule
5.6 of the FCA Listing Rules.  The Company will provide further information
in due course.

 

 

 

Oneiro Energy plc

Andy Yeo, Non-Executive Chairman c/o Peterhouse Capital Limited

+44 (0) 20 7469 0930

 

Allenby Capital Limited (Financial Adviser)

Nick Harriss / Alex Brearley / Lauren Wright

+44 (0) 20 3328 5656

 

Peterhouse Capital Limited (Broker)

Lucy Williams / Duncan Vasey

+44 (0) 20 7469 0930

 

 

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