AMCI Acquisition Corp. (the “
Company”) is pleased
to announce that it has entered into a non-binding letter of intent
(the “
Letter of Intent”) with an established
mining company (the “
Third Party”) for an initial
business combination. Under the terms of the Letter of Intent, the
Company would acquire an attractive portfolio of copper production
interests (the “
Portfolio”). The Portfolio is
underpinned by a long-standing, producing operation located in one
of the world’s most productive copper belts, which is forecasted to
produce in excess of 50,000 metric tons of copper in 2021. The new
copper production focused business will be led by an experienced
management team with a world-class development and operating track
record. The Company will seek to utilize its initial asset base and
financial and technical capability to pursue an aggressive growth
strategy in the copper industry, including further asset
development, acquisitions and industry consolidation. The Company’s
management believes copper presents an attractive investment
opportunity given the commodity’s significant demand growth
potential, driven by copper’s use in electric vehicles, renewable
energy and antimicrobial applications, and believes that copper has
upside pricing potential relative to current market levels.
William Hunter, the Company’s Chief Executive
Officer, said “We believe that copper represents an exciting
opportunity due to the rapid growth of demand for this critical
battery metal, which is further enhanced by the current commodity
price environment. We are excited to take our first step in
the global copper industry through the acquisition of an attractive
suite of copper production interests.”
Completion of the transaction is subject to,
among other matters, the completion of due diligence, the
negotiation of a definitive agreement providing for the
transaction, satisfaction of the conditions negotiated therein and
approval of the transaction by the Company's stockholders.
Accordingly, there can be no assurance that a definitive agreement
will be entered into or that the proposed transaction will be
consummated.
About AMCI Acquisition
Corp.
AMCI Acquisition Corp. is a blank check company
incorporated for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses in the
global natural resources and related industries. AMCI consummated
its initial public offering on the Nasdaq Capital Market in
November 2018.
Forward-Looking Statements
Certain statements made in this press release
are “forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as “anticipate”, “believe”, “expect”, “estimate”,
“plan”, “outlook”, and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, actual results may differ materially from
the Company’s expectations or projections. The following factors,
among others, could cause actual results to differ materially from
those described in these forward-looking statements: the occurrence
of any event, change or other circumstances that could give rise to
the terms of the Letter of Intent not hereafter being memorialized
in a definitive agreement; the ability of the Company to meet
Nasdaq listing standards following the transaction and in
connection with the consummation thereof; the inability to complete
the transactions contemplated by the Letter of Intent and any
definitive agreement entered into by the parties due to the failure
to obtain approval of the stockholders of the Company; the failure
to obtain the necessary financing for the transaction; the failure
to meet projected production targets; costs related to the proposed
transaction; changes in applicable laws or regulations; the ability
of the combined company to meet its financial and strategic goals,
due to, among other things, competition, the ability of the
combined company to pursue a growth strategy and manage growth
profitability; the possibility that the combined company may be
adversely affected by other economic, business, and/or competitive
factors; the effect of the COVID-19 pandemic on the Company and the
target and their ability to enter into a definitive agreement for
the transaction or to consummate the transaction; and other risks
and uncertainties described herein, as well as those risks and
uncertainties discussed from time to time in other reports and
other public filings with the Securities and Exchange Commission
(the “SEC”) by the Company.
Additional information concerning these and
other factors that may impact the Company’s expectations and
projections can be found in the Company’s periodic filings with the
SEC, including its Annual Report on Form 10-K for the fiscal year
ended December 31, 2019, the definitive proxy statement filed by
the Company with the SEC on April 28, 2020 wherein the Company is
seeking stockholder approval to extend the date by which the
Company has to consummate a business combination from May 20,
2020 until October 20, 2020 (the “Extension
Proxy”), and in the preliminary and definitive proxy
statements to be filed by the Company with the SEC regarding the
transaction when available. The Company's SEC filings are available
publicly on the SEC's website at www.sec.gov. The Company disclaims
any obligation to update the forward-looking statements, whether as
a result of new information, future events or otherwise.
Additional Information about the Transaction and Where
to Find It
In connection with the proposed transaction, the
Company intends to file a preliminary proxy statement with the SEC
and will mail a definitive proxy statement and other relevant
documents to its stockholders. Investors and security holders of
the Company are advised to read, when available, the preliminary
proxy statement, and amendments thereto, and the definitive proxy
statement in connection with the Company's solicitation of proxies
for its stockholders' meeting to be held to approve the transaction
because the proxy statement will contain important information
about the transaction and the parties to the transaction. The
definitive proxy statement will be mailed to stockholders of the
Company as of a record date to be established for voting on the
transaction. Stockholders will also be able to obtain copies of the
proxy statement, without charge, once available, at the SEC's
website at www.sec.gov or by directing a request to: AMCI
Acquisition Corp., 1501 Ligonier Street, Suite 370, Latrobe,
PA.
Participants in Solicitation
The Company and the target company and their
respective directors, executive officers and other members of their
management and employees, under SEC rules, may be deemed to be
participants in the solicitation of proxies of the Company’s
stockholders in connection with the proposed transaction. Investors
and security holders may obtain more detailed information regarding
the names, affiliations and interests in the Company of directors
and officers of the Company in the Company's Extension Proxy, which
was filed with the SEC on April 28, 2020. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of proxies to the Company's stockholders in connection
with the proposed transaction will be set forth in the proxy
statement for the proposed transaction when available. Information
concerning the interests of the Company's and the target companies'
participants in the solicitation, which may, in some cases, be
different than those of the Company's and the target companies'
stockholders generally, will be set forth in the proxy statement
relating to the transaction when it becomes available.
Contact Information
William Hunter(203) 625-9200
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