Completion of the acquisition of Switch Metals Cote d’Ivoire Sarl
and
Admission to trading on AIM
Switch Metals plc (LSE:SWT) is pleased to announce the expected completion of the acquisition of Switch Metals Côte d’Ivoire Sarl, a mining exploration company with assets in Côte d’Ivoire, as well as the completion of a £2.0 million fundraise and the admission of the Company’s ordinary shares to trading on the AIM market of the London Stock Exchange at 8.00 a.m. today (“Admission”) under the Company’s new name “Switch Metals Plc” and the TIDM code “SWT”.
Highlights
· The Company’s focus will be on developing battery and technology metals mines in Côte d’Ivoire where the principal place of operations of the Company will be from Admission:
o Licence and application portfolio comprised of three primary projects: Issia, Tiassalé and Bouaké, spanning approximately 3,172 km².
o The Company’s strategy involves developing ethical industrial tantalum production from shallow coltan placer deposits at the Issia Project in order to provide initial cashflow, thereby hedging exploration risk and reducing future fundraising requirements to develop the rest of its large exploration portfolio.
o Switch Metals’ main prospects lie in its three core exploration projects Issia, Tiassalé, and Bouaké. At Issia the plan is to define a resource and complete technical and economic studies on the shallow surface coltan placer deposits in the near-term, in parallel to demonstrating further upside potential in the deeper hard rock targets.
o Côte d’Ivoire is one of the fastest growing African economies and an attractive mining jurisdiction. The Company’s projects cover multiple historic occurrences of tantalum, niobium, lithium, nickel, cobalt, copper and manganese identified in Côte d’Ivoire.
· Successful fundraise of £2.0 million (before expenses) at 7.5p per share (the “Issue Price”) through the issue of new Ordinary Shares in the Company (the “Fundraise”).
· The net proceeds of the Fundraise will be used to progress exploration activities at the Issia Project, specifically to define a first coltan resource from shallow placer deposits and delineate drill targets for lithium-cesium-tantalum (LCT) pegmatites to prove exploration upside, along with general working capital purposes and to cover the costs associated with the acquisition, Admission and the Fundraise.
· From Admission the board of the Company will comprise Didier Murcia (independent Non- Executive Chairman), Karl Akueson (Chief Executive Officer), Andy Yeo (Chief Financial Officer), Mamadou Doumbia (Non-Executive Director) and John Treacy (independent Non-Executive Director).
· Based on the Issue Price, the market capitalisation of the Company will be approximately £8.8 million on Admission.
· Allenby Capital Limited is acting as Nominated Adviser and Joint Broker to the Company alongside Oak Securities (a trading name of Merlin Partners LLP) who are acting as Joint Broker to the Company.
Karl Akueson, Chief Executive Officer of Switch Metals, commented:
“We are delighted that Switch Metals will start trading on AIM today. The Company is focused on mining metals, particularly tantalum, that are critical for a wide variety of technologies, such as those enabling the growing electronics and electrification demand. We have assembled the largest tantalum / lithium licence package in Côte d’Ivoire, an attractive mining jurisdiction, and a country I am proud to call home.
“We have near term production potential, particularly with low-capex, low-cost coltan (tantalum plus niobium) production from a shallow source, coupled with significant exploration upside.
“I would like to thank everyone who has been involved in the Admission process, particularly the investors who have supported the latest fundraise, and I look forward to providing regular updates as Switch Metals progresses.”
Total Voting Rights
Following Admission, the total number of Ordinary Shares with voting rights in the Company is 117,948,787. The Company does not hold any shares in treasury and all of the Ordinary Shares have equal voting rights. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Launch of new website
The Company is pleased to announce the launch of its new website, www.switchmetals.com, where shareholders and prospective investors can learn more about the Company and its strategy, as well as view the information required to be disclosed pursuant to Rule 26 of the AIM Rules for Companies.
Director dealings
On Admission, a number of dealings by certain Directors of the Company, as set out in the Admission Document, will complete. Further details are set out in the tables at the end of this announcement.
Admission Document
Unless defined in this announcement, capitalised terms in this announcement shall have the same meaning as in the Admission Document published by the Company on 6 March 2025 which is available to view at: www.switchmetals.com
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For further information please contact: Switch Metals plc Karl Akueson, CEO Andy Yeo, CFO |
Via IFC Advisory |
