Metals One PLC (LSE:MET1) has entered into revised heads of terms that would see Lions Bay Capital acquire the entire issued share capital of Lions Bay Resources through an all-share transaction. The proposed deal would consolidate the South African Barbrook and Vantage gold assets, together with their associated cogeneration energy infrastructure, within a single corporate structure. As part of the agreement, Metals One would exchange its 30% interest and option in Lions Bay Resources for shares in Lions Bay, resulting in an expected 54.3% ownership stake. Based on unaudited figures, the holding would imply an equity value of approximately C$27.83 million and represent a substantial unrealised gain for the company.
Restructuring strengthens gold and energy portfolio
The proposed restructuring also includes plans for Lions Bay to transfer all parent-company debt into Lions Bay Resources. Metals One will settle part of its remaining debt through the transfer of shares in Fidelity Minerals, increasing its ownership interest in Fidelity to 40.5%. The transaction will be treated as a reverse takeover under TSX Venture Exchange rules and remains conditional on shareholder approval, TSX Venture Exchange acceptance and the satisfaction of other customary conditions. Meanwhile, development work continues on the restart of the Barbrook gold mine in South Africa and the advancement of the Las Huaquillas gold, copper and silver project in northern Peru.
More about Metals One PLC
Metals One PLC is a critical and precious metals project developer and investor with a portfolio focused on gold and uranium assets. Listed on AIM and the OTCQB market, the company has exposure to mining and energy projects, including interests in South African gold operations and the Las Huaquillas gold, copper and silver project in Peru.
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