Oneiro Energy complete the acquisition of Switch Metals Cote d’Ivoire Sarl, change of name to Switch Metals and admission to AIM
April 2025
Oneiro Energy PLC was founded as a Special Purpose Acquisition Company (SPAC) and listed on the Main Market of the LSE in May 2023 with a view to refocus the energy market, primarily away from coal.
Coal power still accounts for 36% of Global energy generation. Western economies, such as Germany, used over 33% coal as their energy source in 2022, up from 30.2% in 2021 they are still developing new lignite mines – the worst coal by environmental standards.
Founded in 2017, Switch Metals is focused on developing battery and technology metals mines in Côte d’Ivoire. It holds two licences and has two applications pending for additional licences, as well as exclusive Option Agreements with Millenium Resources and Luna Mining to acquire a further three licences and five licence applications. Together, these represent the largest lithium and tantalum exploration licence and application package in Côte d’Ivoire.
In addition, Switch Metals has entered into a joint venture agreement with Transland Resources in relation to an additional licence covering a historic manganese discovery
On 21st June 2024, Oneiro Energy announced the proposed acquisition of Switch Metals.
Acquisition, Fundraising and Admission to Trading on AIM
On 3rd April 2025, admission and the first day of dealings commenced by way of the acquisition of Switch Metals Cote d’Ivoire Sarl and associated issue of Consideration Shares and Switch Warrants Fundraise through the issue of 26,666,667 new Ordinary Shares at 7.5p per share to raise £2 million leading to the cancellation to trading on the Main Market of the LSE, Admission of the Enlarged Share Capital to trading on AIM and Change of name to Switch Metals Plc.
The Perivan shareholder communications team was delighted to work with Allenby Capital who was appointed as Nominated Adviser and Joint Broker on the successful production and publication of the 310-page admission document. This included the provision of the Engage data room platform which was utilised for the secure proof distribution and proved to be invaluable for the seamless file sharing of the 171-page Competent Persons Report.
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Perivan is the market leader for admission document production and specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds.
