Cornish Metals Inc said its shareholders had accepted Vision Blue Resources Ltd (VBR) ownership of up to 43% to secure £40.5 million for the South Crofty tin-copper project.
RESOLUTIONS
The Canadian company added that the Secretary of State had confirmed no action would be taken under the UK National Security and Investment Act 2021 in relation to VBR’s acquisition of more than 25% of the company.
In a special meeting yesterday (19 May), shareholders approved the move to complete the offering announced in April and to authorise Cornish Metals’ directors to allot shares in the company.
An extraordinary resolution was also approved to authorise the company directors to allot certain equity securities for cash in connection with the offering without first having to offer them on a pre-emptive basis to existing shareholders.
Following admission, Cornish Metals’ issued and outstanding share capital will comprise 510,850,157 common shares.
On the offering’s close, VBR will own 138,888,889 shares of the company, equal to 27.18% of the issued share capital, and 138,888,889 warrants to purchase an additional 138,888,889 shares.
If VBR exercises its warrants it will own 42.75% of Cornish Metals on a partially fully diluted basis.
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