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Cradle Arc to rejoin AIM next week following Mowana acquisition

The junior completed the reverse takeover of the Mowana copper mine in Botswana in November
Copper ore
Mowana is already in production

Copper miner Alecto Minerals is set to return to AIM next week (24 January) under its new name Cradle Arc PLC.

The junior completed the reverse takeover of the Mowana copper mine in Botswana in November, paving the way for a re-financing and re-listing.

READ: Alecto Minerals to lose AIM listing as Mowana completion drags on

An AIM Schedule One (pre-listing) announcement indicated Cradle Arc will be valued at £20.1mln following a £2.4mln fund raise.

Mowana’s vendor Kevin Van Wouw will be chief executive with a 57.4% stake in the enlarged company.

Institutions City Financial and Hadron Capital will own 10.55% and 3.59% respectively.

Alecto originally agreed to buy Mowana more than a year ago (in December 2016) but had its listing cancelled as the deal was not completed within the junior market’s time deadlines.

The purchase of 60% of Cradle Arc, which owns 100% of Mowana, was eventually concluded on November 13 last year.

Mowana, in north-east Botswana, has a mineral resource of 686,000 tonnes copper in the Measured and Indicated categories (JORC-code compliant) with an additional 758,000 tonnes in the Inferred category.

The company also has gold assets in Zambia.

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Cradle Arc PLC Timeline

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