16 October 2024
ACG METALS
LIMITED
("ACG" or the
"Company")
Sponsor Loan
Conversion
Correction To The
Prospectus
ACG Metals Limited is pleased to
announce the successful conversion of part of its existing sponsor
loans with Argentem Creek Partners LP, De
Heerd Investments Limited ("De
Heerd Sponsor") and ACG Mining Limited (the "Sponsor Loans")
into equity. This follows ACG's successful acquisition of the
Gediktepe Mine in Türkiye from Lidya Madencilik Sanayi ve Ticaret
Anonim Şirketi ("Lidya")
and the Company's re-admission to listing on the Official List of
the Financial Conduct Authority and to trading on the London Stock
Exchange as ACG Metals Limited.
Certain of the co-sponsors have
elected to convert their Sponsor Loans into Class A Ordinary Shares
and unlisted warrants to subscribe for Class A Ordinary Shares
("Warrants"). A total of
US$4,549,260 of Sponsor Loans will be converted into 758,207 Class
A Ordinary Shares at a conversion price of US$6 per share (the
"Sponsor Shares")
(discarding a rounding difference of three Class A Ordinary
Shares). In addition, Warrants will be
granted which entitle the co-sponsors to subscribe for up to
758,207 Class A Ordinary Shares at a price of $6.90 per share with
a final exercise date of 3 October 2029.
This conversion strengthens the
Company's position as it looks to make further acquisitions and
deliver on its strategy. Following the Sponsor Loan conversion and
the allotments referred to in the announcement dated today's date
"Notification of transactions by
Persons Discharging Managerial Responsibilities ("PDMRs") and a
Person Closely Associated ("PCA") to a PDMR", the
Sponsor Shares will
represent approximately 4% of the Company's issued share
capital.
Correction to the Re-Admission Prospectus and Supplementary
Prospectus
The Re-Admission Prospectus dated 7
August 2024 and Supplementary Prospectus dated 29 August 2024
aggregated the percentage holdings of Class
A Ordinary Shares and warrants,
respectively, of De Heerd Sponsor and Frederick Kwok. To clarify,
De Heerd Sponsor and Frederick Kwok are separate shareholders and
entities. Following the aforementioned transactions, De Heerd
Sponsor will be a major shareholder holding 6.7% of issued share
capital (a major shareholder is defined as holding more than 5% of
the voting rights in the Company).
Application will be made for the new
Class A Ordinary Shares to be listed on the equity shares
(transition category) of the Official List of the Financial Conduct
Authority and to trading on the London Stock Exchange and a further
announcement confirming such admission will be made in due
course.
Artem Volynets, Chairman & CEO of ACG,
said:
"Today's successful partial
conversion of the Sponsor Loans into equity represents a vote of
confidence by our long-term investors in the Company's future. It
underlines the momentum building at ACG, after our first successful
acquisition, and we are actively exploring other material targets
to help expand our portfolio and consolidate the copper
market."
For further information, please
contact:
Palatine
Communications advisor
Conal Walsh / James Gilheany/ Kelsey
Traynor/ Richard Seed
acg@palatine-media.com
About ACG:
ACG is a company with a vision to
consolidate the critical metals industry, starting with the copper
sector. Through a series of roll-up acquisitions, ACG intends to
become a premier supplier of copper and other critical metals to
the western OEM supply chain, with best-in-class ESG and carbon
footprint characteristics.
In September 2024, ACG successfully
completed the acquisition of the Gediktepe Mine, an operating open
pit mine in Türkiye currently producing 34 koz of gold and 361 koz
of silver. Gediktepe is expected to transition to primary
copper and zinc production from 2026 and will target annual
steady-state copper equivalent production of 20-25 kt.
ACG's team has extensive M&A
experience built through decades spent at blue-chip multinationals
in the sector. The team brings a significant network as well as a
commitment to ESG principles and strong corporate
governance.
For further information please
visit: https://www.acgcorp.co/