30th Oct 2023 10:43
(Alliance News) - Technology Minerals PLC on Monday noted progress in its planned reverse takeover of lithium-ion battery recycler Recyclus Group Ltd.
The London-based battery metals mining and recycling firm said it expects its proposed takeover of Recyclus Group Ltd to complete early in the first quarter of 2024. In October 2022, Technology Minerals and Recyclus signed binding heads of terms under which Technology Minerals will buy the remaining shares.
Back then, Technology Minerals said it owned a 48.4% stake in Recyclus, which has not changed as of Monday.
After completion, Technology Minerals will change its name to Recyclus Group PLC.
Technology Minerals Chief Financial Officer James Cable said: "It is pleasing to see the significant progress over recent months both in the operations of Recyclus and with the proposed transaction, with both parties committed to completing the transaction in early Q1 2024.
"Recyclus has taken tremendous strides forwards in recent months with the Wolverhampton Li-ion battery recycling plant now operational, feedstock arriving at the site, and set to generate cashflows. In addition, the Tipton lead acid plant is expected to be fully operational and begin commercial activity in Q1 2024. To have both plants operating and generating revenues by Q1 2024 puts Recyclus in a far stronger position and provides an excellent foundation for sustainable long term growth."
Technology Minerals shares rose 1.7% to 1.32 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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