EQS-News: SunMirror AG: CORRECTION: TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED WILL MORE LIKELY THAN NOT BE UNSUCCESSFULL – SUNMIRROR PUSHES FULL STEAM AHEAD WITH RESOURCE PROJECTMOOLYELLA LITHIUM
EQS-News: SunMirror AG: CORRECTION: TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED WILL MORE LIKELY THAN NOT BE UNSUCCESSFULL – SUNMIRROR PUSHES FULL STEAM AHEAD WITH RESOURCE PROJECTMOOLYELLA LITHIUM
EQS-News: SunMirror AG / Key word(s): Miscellaneous
SunMirror AG: CORRECTION: TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED
WILL MORE LIKELY THAN NOT BE UNSUCCESSFULL – SUNMIRROR PUSHES FULL STEAM
AHEAD WITH RESOURCE PROJECTMOOLYELLA LITHIUM
05.07.2022 / 18:08
The issuer is solely responsible for the content of this announcement.
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CORRECTION: INVESTOR HAS NOT PAYED AS AGREED/ INDEPENDENT DIRECTORS OF
LATITUDE 66 COBALT LIMITED CHANGE THEIR RECOMMENDATION FROM ACCEPT TO
DECLINE AND HAVE WITHDRAWN THEIR ACCEPTANCE OF THE OFFER: TAKEOVER
PROCEDURE OF LATITUDE 66 COBALT LIMITED WILL MORE LIKELY THAN NOT BE
UNSUCCESSFULL – SUNMIRROR PUSHES FULL STEAM AHEAD WITH RESOURCE
PROJECTMOOLYELLA LITHIUM
Zug, Switzerland: 05.07.2022. The deadline for SunMirror AG’s
(“SunMirror”; Xetra; Vienna: ROR1; ISIN CH0396131929) acquisition of
Latitude 66 Cobalt Limited (“Lat66”) will more likely than not
unsuccessfully end on July 12, 2022. To date, SunMirror has tried to raise
EUR 70 million in additional capital within the agreed timeframe, which
had been extended several times, as part of the Lat66 takeover.
Unfortunately, the investor who bindingly subscribed to the EUR 70 million
authorized capital, only paid in a partial amount. SunMirror reserves the
right to take legal action against those responsible.
The independent directors of Lat66 have withdrawn their recommendation
that Lat66 shareholders accept the takeover offer. The independent
directors now recommend that Lat66 shareholders reject the takeover offer
and withdraw their acceptances. To date, the acceptance rate is at 62.19%,
thus, SunMirror believes that it is more likely than not that the minimum
acceptance condition (90% acceptance, by number, of all Lat66 shares) may
not be fulfilled at the end of the offer period, being July 12, 2022
(“Offer Period”). If this condition is not fulfilled at the end of the
Offer Period, all acceptances received would be void.
Strategically, SunMirror is now fully focused on reducing overheads and
expenses wherever possible and investing available funds primarily in the
development of value-added resource projects.
Thus, SunMirror wants to rapidly develop the Moolyella lithium project,
where first rock samples were analysed earlier this year. Dr Heinz Kubli,
CEO of SunMirror: “The Moolyella licence is very promising for the
occurrence of lithium-bearing pegmatites. This was confirmed by the
assays. By focusing on this boron programme, we hope to create significant
value for the company and its share price. We are particularly confident
that our neighbour there, Global Lithium Resources, has been steadily
expanding its resource base and more than doubling its share price over
the last 5 years.”
The first drilling is planned for the end of this year. The directors of
SunMirror are very optimistic that the company will be able to create
significant value from the Moolyella development.
As a further step to advance the resource projects, SunMirror allocated a
budget for the Kingston Keith project to start the necessary preliminary
work. A first drilling programme is to be carried out there as early as
next year.
In addition, SunMirror plans to significantly reduce costs and resources
by restructuring the group. The companies currently affiliated under
SunMirror Luxembourg S.A., Lithium 1 and Pharlap, are to be brought under
the Swiss group entity. This will save costs for the board and directors
of the Luxembourg intermediate holding company as well as for the
additional annual financial statement there.
In addition to these strategic measures, additional assets are to be
developed that can be brought into the company. This is also intended to
increase the portfolio and the value of the company.
About SunMirror AG
The SunMirror Group invests in strategic exploration projects with a focus
on green battery metals such as cobalt, lithium and nickel, as well as
iron ore and gold deposits in developed markets. The aim is to either mine
metals itself or sell these projects to strategic buyers at a later stage.
In doing so, SunMirror differentiates itself from other market
participants through a mine-to-market sustainability approach across the
entire value chain and thus becomes the originator of best practice in the
mining sector.
The Company’s shares (ISIN CH0396131929) are listed on the Vienna Stock
Exchange (official trading, ticker: ROR1) and on the OTC markets of the
Frankfurt Stock Exchange, the Düsseldorf and Berlin stock exchanges
(ticker: ROR) and are also traded on and Xetra. Further information can be
found at: www.sunmirror.com.
Contact
Dr. Reuter Investor Relations
Dr. Eva Reuter
Office Frankfurt
Friedrich Ebert Anlage 35-37
Tower 185
60327 Frankfurt – Germany
Tel: +49 (0) 69 1532 5857
Office Münster
Oststrasse 12b
48145 Münster – Germany
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05.07.2022 This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: SunMirror AG
Steinhauserstrasse 74
6300 Zug
Switzerland
E-mail: info@sunmirror.ch
Internet: https://www.sunmirror.ch
ISIN: CH0396131929
WKN: A2JCKK
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Tradegate Exchange; Vienna Stock Exchange (Official Market)
EQS News ID: 1391315
End of News EQS News Service
1391315 05.07.2022
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