IN BRIEF: GRIT Investment Trust agrees reverse takeover in Namibia
GRIT Investment Trust PLC - invests in small and mid-cap natural resources and mining companies - Signs non-binding heads of terms to buy Nabirm Global LLC in a reverse takeover. Nabirm is an oil and gas explorer in Namibia's Walvis Basin. Its portfolio includes both onshore and offshore licenses, including Block 2113A, which GRIT notes is adjacent to leases operated by large oil and gas companies. GRIT shares have been suspended from trading on the London Main Market since March. It says the deal, whose terms are uncertain, would see its shares re-admitted to the AIM or Aquis exchanges in London. Its shares were suspended due to late accounts, and GRIT says it is in the process of completing the accounts for the financial years that ended March 31 in 2024 and 2025. GRIT also says it has raised GBP250,000 from a placing of zero coupon unsecured convertible loan notes by broker Peterhouse Capital Ltd. Read More