Technology Minerals Plc (the “Company”) (LSE: TM1), the first UK company focused on creating a sustainable circular economy for battery metals, announces that the Company has issued 603,981 ordinary shares in the Company to North American Strategic Metals Inc. (“NASM”) in settlement of payment due to NASM for the acquisition of a working interest in the Oacama Project and 1,132,075 ordinary shares to a supplier (“Supplier”) for the provision of consultancy services, a total of 1,736,056 new ordinary shares (“New Shares”).
By way of background:-
(a) On 9 July 2021, Technology Minerals Limited (now Techmin Limited) a wholly owned subsidiary of the Company entered into an agreement with East River Minerals LLC, a 100% owned affiliate of NASM, for the acquisition of a working interest in the Oacoma Project (the “Oacoma Agreement”). Under the terms of the Oacoma Agreement, it was agreed (amongst other matters) that USD 25,000 be paid to NASM in the form of shares in the Company, the price per share to be the weighted average share price over the 5 days of trading prior to 9 March 2022. The Company and NASM have agreed that the number of New Shares to be issued to NASM is 603,981; and
(b) On 27 April 2022, the Company entered into an agreement with the Supplier for the provision of services to the Company (the “Supplier Agreement”). Under the terms of the Supplier Agreement, it was agreed (amongst other matters) that GBP 30,000 be paid to the Supplier in the form of shares in the Company, that the price per share to be the mid-price on 27 April namely £0.0265 per share, and that the number of New Shares to be issued to the Supplier is 1,132,075.
Admission and Total Voting Rights
Application will be made for the 1,736,056 New Shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, to be admitted to the Standard List segment of Official List and to trading on the main market of the London Stock Exchange plc, which is expected to occur on or around 8.00 a.m. on 10 June 2022 (“Admission”). Upon Admission, the total number of issued shares and the total number of voting rights in the Company will be 1,271,423,593.
The above figure of 1,271,423,593 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
The Directors of the Company accept responsibility for this announcement.