Erris Resources – Acquisition, Placing, divestment, change of name and readmission to AIM
Erris Resources was established in 2012 as a mineral exploration and development company. Its Ordinary Shares were admitted to trading on AIM in December 2017. Its focus has been to create shareholder value through the process of discovering new ore deposits, with a focus on European jurisdictions. The Company received industry backing in December 2017 via a £1.47 million investment by Osisko Gold Royalties, a TSX and NYSE intermediate precious metal royalty company with a market capitalisation of approximately C$2.6 billion. The Company was also supported at the project level by Centerra, a wholly owned subsidiary of Centerra Gold Inc., a TSX listed gold mining and exploration company with a market capitalisation of approximately C$4.56 billion, which funded a number of generative exploration programmes in Scandinavia.
However, these programmes did not prove successful in outlining economic resources and the arrangement with Centerra concluded in December 2019.
Transaction and Readmission to AIM
On 29th October 2020, admission effective and dealings in the Ordinary Shares commenced by way of an acquisition of 50 per cent. interest in Deutsche Lithium GmbH, Placing of 75,000,000 new Ordinary Shares at 5p per share, Divestment of Loch Tay Gold Project and change of name to Zinnwald Lithium plc and Admission of the Enlarged Ordinary Share Capital to trading on AIM.
The Perivan shareholder communications team were delighted to work with Allenby Capital who were the Nominated Advisor to Erris on the 282-page prospectus relating to the transaction and readmission.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed ended funds.