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Equatorial Palm Oil agrees reverse takeover with Sri Lanka mineral sands group
StockMarketWire.com
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Cash shell Equatorial Palm Oil said it had agreed to a reverse takeover deal with Capital Metals, a company developing a mineral sands project in Sri Lanka.
Capital Metals was incorporated in 2015 to acquire licenses prospective for mineral sands in Sri Lanka.
Its project there had a JORC resource estimate of 17.2 million tonnes at 17.6% total heavy minerals including ilmenite, zircon, rutile and garnet, with 84% of the resource measured and indicated.
Capital Metals were looking to complete industrial mining licence approvals in 2021 and to update on development plan as the project moved closer to mine development and revenues.
At 1:30pm: (LON:PAL) Equatorial Palm Oil PLC share price was 0p at 0.75p
Story provided by StockMarketWire.com
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