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Metals One PLC - London-based metals exploration and development - Lions Bay Capital Inc, a mining finance and investment firm, says its 47%-owned South Africa subsidiary Lions Bay Resources Pty Ltd makes an offer for all the assets of Vantage Goldfields. Vantage is in business rescue following a mine collapse in 2016. It has assets in the Barberton region of South Africa with a historic resource of 4.5 million ounces of gold. Lions Bay offers C$46.5 million, about £25.2 million, for the Vantage assets, comprised of an initial cash payment of C$12.7 million, a second payment of C$18.8 million in shares, and a final payment of C$15.0 million paid a royalty on gold revenue. The share portion will be based on a price of C$0.50 per share. The Toronto-listing closed at C$0.33 on Wednesday last week. AIM-listed Metals One has a 19.1% stake in Lions Bay Capital and a 5% stake in Lions Bay Resources. It recently invested a further $1.8 million in convertible loan notes of Lions Bay Resources. If all converted, Metals One would have a stake of at least 30% in Lions Bay Resources. ‘Lions Bay Resources’ bid for Vantage marks an exciting step in its strategy to create a vertically integrated gold business in South Africa,’ comments Metals One Managing Director Daniel Maling. ‘As a stakeholder in both Lions Bay entities, Metals One could create significant value for its shareholders from these opportunities.’ Current Metals One stock price: 2.07 pence, up 5.5% in London on Monday 12-month change: down 51% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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