IN BRIEF: Ovoca Bio starts trading on AIM as Talisman Metals
Ovoca Bio PLC - copper exploration in Morocco - Dublin-based Ovoca Bio is readmitted to trading on AIM in London on Wednesday, after its shareholders on Tuesday approve its all-share reverse takeover of Bristol, England-based Tadeen International Ltd, a holder of mineral exploration permits in Morocco. The new company, to be renamed Talisman Metals PLC, will be around 40% owned by Tadeen shareholders. As part of the reverse takeover and relisting, Ovoca conducted a three-into-one share consolidation and raised GBP1.2 million in equity at 7.7 pence per share. The enlarged company will have 64.2 million shares in issue, giving it a market capitalisation of GBP4.9 million at the issue price, though shares were quoted down at 5.50p each on Wednesday afternoon in London. Talisman Metals begins life with GBP2.3 million in cash resources. It will focus on the Tizert and Argana projects in Morocco. Read More