EQS-Adhoc: SunMirror AG: MERGERS & ACQUISITIONS: INVESTOR DOES NOT PAY AS AGREED – TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED ENDED UNSUCCESSFULLY

EQS-Ad-hoc: SunMirror AG / Key word(s): Miscellaneous
SunMirror AG: MERGERS & ACQUISITIONS: INVESTOR DOES NOT PAY AS AGREED –
TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED ENDED UNSUCCESSFULLY

05-Jul-2022 / 09:35 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by EQS – a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.

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PUBLICATION OF INSIDER INFORMATION ACCORDING TO ARTICLE 17 OF REGULATION
(EU) 596/2014

(MARKET ABUSE REGULATION – MAR)

MERGERS & ACQUISITIONS: INVESTOR DOES NOT PAY AS AGREED – TAKEOVER
PROCEDURE OF LATITUDE 66 COBALT LIMITED ENDED UNSUCCESSFULLY

 

Zug, Switzerland: 04.07.2022. SunMirror AG („SunMirror“; Xetra; Vienna:
ROR1; ISIN CH0396131929) announces that the previously pursued acquisition
of Latitude 66 Cobalt Limited („Lat66“) will not go ahead.

 

SunMirror has been unable to fulfil the condition of raising EUR 70
million in additional capital in the agreed and repeatedly extended
timeframe as part of the takeover of Lat66. The investor who bindingly
subscribed to the EUR 70 million authorized capital (see press release of
30.11.2021), only paid in a partial amount. Thus, the capital increase
from the authorized capital had to be omitted to the extent to which the
performance of the capital increase amount was omitted.

Due to the delays in the capital increase of SunMirror, the
directors/shareholders of Lat66 have now withdrawn their consent during
the last agreed extension. Accordingly, there will be no further
extensions to the Lat66 takeover process. The takeover procedure for Lat66
is thus terminated.

 

The – non-recoverable – costs for the acquisition of Lat66 total EUR 10.0
million, of which EUR 4.0 million have already been recognised and fully
written off in the half-year financial statements as at 31.12.2021.

 

 

About SunMirror AG

The SunMirror Group invests in strategic exploration projects with a focus
on green battery metals such as cobalt, lithium and nickel, as well as
iron ore and gold deposits in developed markets. The aim is to either mine
metals itself or sell these projects to strategic buyers at a later stage.
In doing so, SunMirror differentiates itself from other market
participants through a mine-to-market sustainability approach across the
entire value chain and thus becomes the originator of best practice in the
mining sector.

 

The Company’s shares (ISIN CH0396131929) are listed on the Vienna Stock
Exchange (official trading, ticker: ROR1) and on the OTC markets of the
Frankfurt Stock Exchange, the Düsseldorf and Berlin stock exchanges
(ticker: ROR) and are also traded on and Xetra. Further information can be
found at: www.sunmirror.com.

 

 

Contact

Dr. Reuter Investor Relations
Dr. Eva Reuter

Office Frankfurt
Friedrich Ebert Anlage 35-37
Tower 185
60327 Frankfurt – Germany
Tel: +49 (0) 69 1532 5857

Office Münster
Oststrasse 12b
48145 Münster – Germany

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05-Jul-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.com

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Language: English
Company: SunMirror AG
Steinhauserstrasse 74
6300 Zug
Switzerland
E-mail: info@sunmirror.ch
Internet: https://www.sunmirror.ch
ISIN: CH0396131929
WKN: A2JCKK
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Tradegate Exchange; Vienna Stock Exchange (Official Market)
EQS News ID: 1390527

 
End of Announcement EQS News Service

1390527  05-Jul-2022 CET/CEST

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