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SunMirror AG — M&A Activity 2022
Jul 5, 2022
9340_iss_2022-07-05_e847e857-43c7-414e-8038-2d579dd2d4e5.pdf
M&A Activity
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EQS-Ad-hoc: SunMirror AG / Key word(s): Miscellaneous
SunMirror AG: MERGERS & ACQUISITIONS: INVESTOR DOES NOT PAY AS AGREED - TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED ENDED UNSUCCESSFULLY
05-Jul-2022 / 09:35 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
PUBLICATION OF INSIDER INFORMATION ACCORDING TO ARTICLE 17 OF REGULATION (EU) 596/2014
(MARKET ABUSE REGULATION - MAR)
MERGERS & ACQUISITIONS: INVESTOR DOES NOT PAY AS AGREED - TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED ENDED UNSUCCESSFULLY
Zug, Switzerland: 04.07.2022. SunMirror AG ("SunMirror"; Xetra; Vienna: ROR1; ISIN CH0396131929) announces that the previously pursued acquisition of Latitude 66 Cobalt Limited ("Lat66") will not go ahead.
SunMirror has been unable to fulfil the condition of raising EUR 70 million in additional capital in the agreed and repeatedly extended timeframe as part of the takeover of Lat66. The investor who bindingly subscribed to the EUR 70 million authorized capital (see press release of 30.11.2021), only paid in a partial amount. Thus, the capital increase from the authorized capital had to be omitted to the extent to which the performance of the capital increase amount was omitted.
Due to the delays in the capital increase of SunMirror, the directors/shareholders of Lat66 have now withdrawn their consent during the last agreed extension. Accordingly, there will be no further extensions to the Lat66 takeover process. The takeover procedure for Lat66 is thus terminated.
The - non-recoverable - costs for the acquisition of Lat66 total EUR 10.0 million, of which EUR 4.0 million have already been recognised and fully written off in the half-year financial statements as at 31.12.2021.
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
05-Jul-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.com
Language: English
Company: SunMirror AG
Steinhauserstrasse 74
6300 Zug
Switzerland
E-mail: [email protected]
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: 1390527
End of Announcement
EQS News Service