DUBLIN: Ovoca Bio PLC has entered into a conditional letter of intent to acquire 100% of U.K.-based Tadeen International Limited, which holds mineral exploration licenses in Morocco for copper and silver.
The deal, structured as a reverse takeover under AIM rules, requires shareholder approval and the publication of an admission document. Ovoca appointed Beaumont Cornish Limited as its financial adviser and broker to lead the process.
Key Deal Terms
– Tadeen owns Horizon Mines S.A.R.L, a Moroccan company holding exploration licenses.
– Ovoca will issue shares to Tadeen’s shareholders and creditors, totaling up to $1.5 million.
– A share consolidation may occur before closing.
– The enlarged group will be renamed “Talisman Metals plc.”
– The deal is subject to due diligence, regulatory approvals and a definitive agreement, expected in Q2 2025.
Ovoca’s shares were suspended from trading on AIM and Euronext Growth Dublin effective today pending further announcements.
Ovoca has sold its biopharma subsidiary, Silver Star Limited, for a nominal sum, completing its exit from the sector after unsuccessful Phase II trials in 2023. The company is now an AIM Rule 15 cash shell and must complete a reverse takeover within six months.
Ovoca intends to delist from Euronext Growth by June 5, 2025, consolidating trading on AIM.
Other Updates
– The company expects to resolve pending litigation soon.
– Non-executive director Kristina Zakurdaeva has resigned.
– Beaumont Cornish replaces Davy as nominated adviser.
CEO Timothy McCutcheon said the acquisition offers “significant potential for shareholder gains.”