TIDMTM1
RNS Number : 6879R
Technology Minerals PLC
30 October 2023
NOT FOR PUBLICATION OR RELEASE IN OR INTO THE UNITED STATES OR
AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF IRELAND OR
THE REPUBLIC OF SOUTH AFRICA, OR ANY PROVINCE OR TERRITORY THEREOF
OR TO OR FOR THE ACCOUNT OF ANY NATIONAL, RESIDENT OR CITIZEN OF
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The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
30 October 2023
Technology Minerals Plc
("Technology Minerals" or the "Company")
Update on Acquisition
Technology Minerals Plc (LSE: TM1), the first listed UK company
focused on creating a sustainable circular economy for battery
metals, is pleased to announce an update in respect of the proposed
acquisition of the remaining issued share capital of Recyclus Group
Limited ("Recyclus") (the "Proposed Transaction") details of which
were announced on 19 October 2022. The Company currently holds 48.
35% of the issued share capital of Recyclus.
Highlights
-- Proposed Transaction expected to be completed in early Q1 2024
-- The Company's name will change to Recyclus Group plc, subject to completion
-- Combining Recyclus with Technology Minerals will accelerate
the strategy to create a circular economy for battery metals
-- Since the Proposed Transaction was announced, Recyclus has achieved significant milestones:
o Both battery recycling plants now fully licensed
o Li-ion facility is operational with feedstock arriving on site
and will steadily build its production volumes
o Commercial activity also expected to commence at lead acid
plant by Q1 2024, post completion of commissioning phase
The Proposed Transaction is progressing well and is expected to
be completed in early Q1 2024. The acquisition will be finalised on
terms that will be materially the same as those outlined in the
Company's announcement on 19 October 2022. The Company is
progressing with the Financial Conduct Authority ("FCA") and is in
the final stages of obtaining approval for the publication of the
Prospectus.
Under the UK Listing Rules, the Proposed Transaction will
constitute a Reverse Take Over. The Board has decided, subject to
completion, to change the name of the Company from Technology
Minerals Plc to Recyclus Group plc with the ticker RG1, which
reflects the focus of the combined business.
Recyclus has secured approval from its board and agreement in
principle from its shareholders for the Proposed Transaction, which
remains subject to formal shareholder approval by Technology
Minerals shareholders at a General Meeting. The Company expects to
issue a Notice of General Meeting to its shareholders on
publication of the Prospectus. The Company will update
shareholders, as to further progress made in relation to the
Proposed Transaction in due course.
Recyclus' first Li-ion plant, based in Wolverhampton, is already
operational and will be steadily building the volume of production
over the next year. Recyclus' first lead acid plant in Tipton has
entered a four-month commissioning phase after receiving the final
required licence from the Environment Agency. With the Li-ion plant
operational and commercial activity set to commence in Q1 2024 at
the lead acid facility, the Board expects Recyclus to steadily
build positive cash flows as it increases the volumes of production
at the respective plants.
James Cable, Chief Financial Officer of Technology Minerals,
said: "It is pleasing to see the significant progress over recent
months both in the operations of Recyclus and with the Proposed
Transaction, with both parties committed to completing the
transaction in early Q1 2024.
"Recyclus has taken tremendous strides forwards in recent months
with the Wolverhampton Li-ion battery recycling plant now
operational, feedstock arriving at the site, and set to generate
cashflows . In addition, the Tipton lead acid plant is expected to
be fully operational and begin commercial activity in Q1 2024. To
have both plants operating and generating revenues by Q1 2024 puts
Recyclus in a far stronger position and provides an excellent
foundation for sustainable long term growth.
"Integrating Recyclus with Technology Minerals pushes forwards
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."
Related Party Transactions
Robin Brundle, Executive Chairman, and Alexander Stanbury, Chief
Executive Officer, each hold shares in Recyclus and Lester Kemp,
Chief Operating Officer holds share options in Recyclus; therefore,
the Proposed Transaction is a related party transaction under
Disclosure and Transparency Rule 7 ("RTP"). The Board has
established procedures to ensure that RTPs are approved by
independent board members. Accordingly, the directors of the
Company, other than Robin Brundle, Alexander Stanbury and Lester
Kemp (the "Independent Directors") have approved the Proposed
Transaction and have appointed a committee comprising three
Independent Directors to oversee the Proposed Transaction.
Enquiries
Technology Minerals Plc
Robin Brundle, Executive Chairman c/o +44 (0)20 4582 3500
Alexander Stanbury, Chief Executive
Officer
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Oberon Investments Limited
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Nick Lovering, Adam Pollock +44 (0)20 3179 0535
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Gracechurch Group
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Harry Chathli, Alexis Gore, Rebecca
Scott +44 (0) 20 4582 3500
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Technology Minerals Plc
Technology Minerals is developing the UK's first listed,
sustainable circular economy for battery metals, using cutting-edge
technology to recycle, recover, and re-use battery technologies for
a renewable energy future. Technology Minerals is focused on raw
material exploration required for Li-ion batteries, whilst solving
the ecological issue of spent Li-ion batteries, by recycling them
for re-use by battery manufacturers. Further information on
Technology Minerals is available at www.technologyminerals.co.uk
.
Recyclus Group Ltd
The demand for the raw materials used in battery manufacturing
is anticipated to increase substantially. Recyclus Group provides a
national recycling initiative that supports the transition to
carbon neutrality. Recyclus Group's battery recycling capacity will
prove essential in the shift from fossil fuels to electric
transportation. Through its strategic support from Technology
Minerals, Recyclus is an integral component to the recycling of
Li-ion and lead acid batteries and is a significant contributor
towards the circular economy of battery metals. Further information
on Recyclus Group is available at www.recyclusgroup.com .
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