ZUG, SWITZERLAND – EQS Newswire – 20 December 2021 – Further to the announcement made by the Company on 26 August 2021, the Company announces that on 19 December 2021 its wholly owned subsidiary SunMirror S.A. (“SM S.A. “) has entered into a bid implementation agreement with Latitude 66 Cobalt Limited (“Lat66”) (“BIA”) in connection with the proposed offer to acquire the issued share capital of Lat66, the parent company of Finnish cobalt company at a price of AUD0.467 per Lat66 share (“the Offer”).
Under the terms of the BIA, SM S.A. and Lat66 will lodge their respective bidder’s and target’s statements made in connection with the Offer on 22 December 2021 with the Australian Securities and Investments Commission and despatch those statements to Lat66’s shareholders. Assuming the required level of acceptances is received from the recipients of the offer and acceptance of those holding performance rights in respect of ordinary shares in Lat 66 of an offer to acquire those performance rights at a price equal to that offered to Lat66’s shareholders, and subject to other conditions being satisfied, the timetable for completion of the Offer and completion of the entire issued share capital of Lat66 plus all performance rights is as follows:
|Offer Closes||4 February
compulsory acquisition notices to non-accepting Lat66 shareholders
compulsory acquisition of Lat66 shares from Lat66 shareholders
|4 March 2022|
The total purchase price which would become payable to
Lat66’s shareholders and the holders of performance rights on completion of the
Offer is AUD 69,116,000.
SunMirror, which has prospective resource projects in Australia, expands its market presence through the acquisition of Lat66 and is able to supply the European economy with cobalt and other critical commodities and metals such as lithium from sustainable, stable and legally secure sources in compliance with applicable laws, regulations and ESG requirements. With the acquisition of Lat66, SunMirror is excellently positioned to act as a strategic partner to the European economy, supplying raw materials for digital transformation.
Demand for critical raw materials such as cobalt and lithium has been growing rapidly for years. Drivers of this demand include new technological developments such as electromobility. Recently, the European Union (‘EU’) reaffirmed, as part of the launch of its European Green Deal, that a lack of access to critical raw materials or over-dependence on single suppliers would undermine Europe’s ability to be an industrial leader in new technologies. In order to achieve the EU’s goal of climate neutrality, it is important not to create new dependency on uncertain third countries for these critical raw materials in terms of legal certainty, working conditions and environmental standards.