Meantime Resources lists on London’s Aim market
Mining investment company Meantime Resources has announced admission of its ordinary shares to trading on the Aim market of the LSE.
In connection with the admission, the company has successfully raised, in aggregate, gross proceeds of £15-million, by way of an institutional placing of new ordinary shares and warrants and a direct subscription for new ordinary shares and warrants by the management team, nonexecutive directors and certain other investors.
Pursuant to the fundraising, 1.5-million new ordinary shares and 1.5-million warrants will be issued, at a price of £10 a share. Based on the issue price, the company's market capitalisation on admission will be about £15-million.
The company’s acquisition strategy will be primarily focused on precious and base metals assets across the full life-cycle of a mine, with its initial focus on more established mining jurisdictions within Europe, the Middle East, Africa and Central Asia.
Meantime is an investing company focused on acquiring, developing and operating high-quality mining assets in the precious and base metals sector.
The company says it intends to make an acquisition within 18 months of admission, which, on completion, will result in the company becoming an operating company.
Meantime explains that its initial focus will be on operating assets and/or development opportunities with identified mineral resources that support a credible pathway to operational cash flow within less than a five-year time horizon – that is a two- to three-year evaluation phase of engineering studies in addition to about a two-year build.
“We are excited to have successfully brought Meantime to the market. We believe the listing and industry-focused investor base will provide a platform from which we can execute our acquisition strategy while simultaneously raising the company's profile and increasing access to the number of available acquisition opportunities,” says Meantime nonexecutive chairperson Martyn Konig.
“We believe an opportunity exists to build a full life-cycle company focused on acquiring, developing and operating high-quality precious and base metals mining assets in established mining jurisdictions.
“Initial work has been undertaken to identify and evaluate a pipeline of potential opportunities where we believe we will be able to apply our extensive collective experience to generate value,” adds CEO Martin Horgan.
