Nyota Minerals updates on funding, proposed acquisition

Shares in Nyota Minerals have been temporarily suspended pending the publication of an admission document.

This followed an earlier announcement by the company, which confirmed it had entered into a loan agreement with BigDish Ventures for a total maximum loan of £200,000.

The Loan will be used to provide additional funds for general working capital purposes and initial due diligence and transaction expenses in respect of the proposed acquisition, further details on which are set out below.

The Company has also signed a non-binding letter of intent with BigDish Ventures, a company registered in Jersey, and BigDish Ventures’ wholly-owned subsidiary, Bigdish Inc, a Philippines-registered company.

“As the Acquisition would, should it proceed, amount to a Reverse Takeover under the AIM Rules and a back-door listing for the purposes of the ASX Listing Rules, the Directors have requested that trading in the Company’s shares on ASX and AIM be suspended with immediate effect in accordance with the policies and rules of the two exchanges pending the Company’s satisfaction with all of the re-admission requirements of ASX and as applicable AIM (including re-compliance with Chapters 1 and 2 of the ASX Listing Rules and the publication of an AIM Admission Document) or confirmation that the Acquisition is not proceeding.”

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