The sale and purchase agreement, originally signed between Atlas Metals Group et Managemprovided for the acquisition of all of the issued shares of CMO. However, as detailed in a circular published on November 11, 2024, Atlas Metals Group was expected to raise up to £15 million frominstitutional investors to complete this transaction.
Despite the efforts made, market conditions and feedback from potential investors prevented fundraising in the allotted time. Accordingly, Managem terminated the sales agreement with immediate effect.
OMF Foundation IV a fund managed by Orion Resource Partnersissued a notice of default regarding the note of a $25 million convertible loan planned to finance the transaction. No funds had been advanced under this agreement as the conditions precedent, including the continued validity of the transaction agreement, had not been fulfilled.
Atlas Metals Group is currently exploring alternatives to restart the operation, but recognizes that there is no guarantee as to the success of these steps. The company is committed to keeping its stakeholders informed of future developments.
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