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Talon Resources PLC on Wednesday said it will transfer to AIM from the London Main Market as part of a reverse takeover. The London-based firm, previously known as Medcaw Investments PLC, explained that it was established as a shell company, looking ‘to undertake one or more acquisitions in the life sciences sector’, before shifting its focus in 2023 to the natural resources sector, and to precious metals in particular. Talon’s shares were suspended from trading in December, pending the publication of an AIM admission document related to its acquisition of a 90% stake in Wedgetail Mining Corp. Wedgetail is a Canadian mining company which owns the Eagle Lake project in Ontario. Talon is buying it from British Virgin Islands-registered Ulvestone Ltd. AIM-listed Gunsynd PLC is acquiring the remaining 10% of Wedgetail. Talon is paying around £4.2 million to acquire Wedgetail, which will be satisfied through the issue of new ordinary shares worth £4 million at 1.25 pence each and a cash payment of £170,000. Of the latter, £70,000 is payable on signing of the sale agreement, and £100,0000 on admission. In connection with the transaction, Talon said it has raised £2 million before expenses through a placing and subscription, also priced at 1.25p per share. This will be used to pay for Wedgetail and to fund Eagle Lake activities. Once the acquisition has closed, Talon will be the London-based, AIM-listed parent, and Wedgetail its Canadian vehicle, Talon said. Upon admission to AIM, which is expected on June 23, Talon expects to have a market capitalisation of £7.1 million. Following the fundraise, about 69% of the company’s shares will not be in public hands on admission. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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