The information contained within
this announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
13 February 2024
Technology Minerals Plc
("Technology Minerals" or the "Company")
Strategic Update on Holding in Recyclus
Group Limited
Technology Minerals Plc (LSE: TM1),
the first listed UK company focused on creating a sustainable
circular economy for battery metals, is pleased to provide the
following update regarding the Reverse Takeover by its 48.35%
subsidiary, Recyclus Group Ltd ("Recyclus").
Update on
acquisition of remaining issued capital of Recyclus (the "Proposed
Acquisition")
On 19 October 2022, Technology Minerals
announced that it had signed binding Heads of Terms to acquire the
remaining issued share capital of Recyclus.
As stated at the AGM in December
2023, the transaction continues to progress well, with the
expectation remaining that the Company will circulate the
prospectus for shareholder approval as previously planned in Q1
2024.
The acquisition will be finalised on
terms that are materially similar to those outlined in the
Company's announcement on 19 October 2022.
Robin Brundle, Chairman of Technology Minerals and Director of
Recyclus, said: "We are pleased to see our
proposed RTO progressing as planned. The business is making
significant progress on several fronts, in line with management's
expectations. The Board considers 2024 to be a pivotal year for the
Recyclus business as it reaches the inflection point in its
development from which it is expected to accelerate its growth by
benefitting from its first mover advantage in the provision of
industrial-scale lithium-ion battery recycling."
Enquiries
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Technology
Minerals Plc
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Robin Brundle, Executive Chairman
Alexander Stanbury, Chief Executive
Officer
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c/o +44 (0)20 4582
3500
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Oberon
Investments Limited
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Nick Lovering, Adam Pollock
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+44 (0)20 3179 0535
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Gracechurch
Group
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Harry Chathli, Alexis Gore,
Rebecca Scott
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+44 (0)20
4582 3500
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Technology Minerals
Plc
Technology Minerals is developing the
UK's first listed, sustainable circular economy for battery metals,
using cutting-edge technology to recycle, recover, and re-use
battery technologies for a renewable energy future.
The Company currently holds 48.35% of the issued share capital of Recyclus
Group Ltd, the UK's first industrial-scale recycler of both
lithium-ion and lead batteries.
Technology Minerals is focused on
raw material exploration required for Li-ion batteries, whilst
solving the ecological issue of spent Li-ion batteries, by
recycling them for re-use by battery manufacturers. Further
information on Technology Minerals is available at
www.technologyminerals.co.uk.
Recyclus Group
Ltd
The demand for the raw materials
used in battery manufacturing is anticipated to increase
substantially. Recyclus Group provides a
national recycling initiative that supports the transition to
carbon neutrality. Recyclus Group's battery recycling capacity will
prove essential in the shift from fossil fuels to electric
transportation. Through its strategic support from Technology
Minerals, Recyclus is an integral component to the recycling of
Li-ion and lead acid batteries and is a significant contributor
towards the circular economy of battery metals. Further information
on Recyclus Group is available at
www.recyclusgroup.com.