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Ovoca Bio PLC on Wednesday said it has reached final agreement on a reverse takeover that will see the company readmitted to trading on AIM in London as a copper explorer in Morocco. Ovoca will rename itself as Talisman Metals PLC after it completes the acquisition of Tadeen International Ltd, which has exploration permits in the north African country. Dublin-based Ovoca was a biopharmaceutical developer but sold its operating subsidiary back in May to become an AIM cash shell, and a conditional letter of intent for the purchase of Bristol, England-based Tadeen was signed at that time. Ovoca will acquire Tadeen entirely with shares, resulting in a reverse takeover. At the time, Ovoca said Tadeen shareholders will receive a maximum of $1.5 million in Ovoca shares, meaning they would own around 40% of the enlarged share capital. Concurrently, Ovoca will conduct a three-into-one share consolidation. It also has raised £1.2 million in an equity issue at 7.7 pence per share to fund a work programme on the permits in Morocco. As Talisman Metals, the company’s exchange ticker will change to TLM. It will focus on 10 of Tadeen’s exploration permits in Morocco, which are held through wholly owned subsidiary Horizons Mines SARL. Five comprise the Tizert project and five the Argana project, both prospective for copper. ‘Morocco is a great place to work for natural resources, copper is a great focus point given that metal is presently trading at all-time highs, and exploration work has never been more needed for a growing world that is far behind in identifying new sources of raw materials to support future plans,’ said Ovoca Chief Executive Officer Timothy McCutcheon. Ovoca called an extraordinary general meeting for January 27, the same day as its annual general meeting, to approve its plans. ‘We move onward to the EGM, and as the largest single shareholder of Ovoca, I am confident the transaction will close smoothly and we can immediately shift to working in the field to add shareholder value via geological work,’ McCutcheon added. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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