Technology Minerals PLC (LSE:TM1) will not be issuing 84mln shares to the vendors of Onshore Energy Limited, a company which it acquired prior to listing in November 2021.
The issue of the 84mln shares was conditional on the validity under Cameroonian law of five exploration permits.
Legal counsel to Technology minerals has now concluded that it was not possible for the five permits to be legally granted, and accordingly the shares are being withheld.
Technology Minerals is now taking steps so that the permits will be valid under Cameroon law.
Technology Minerals is developing the UK's first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future.
The company is focused on extracting raw materials required for lithium ion batteries, whilst solving the ecological issue of spent batteries by recycling them for re-use by battery manufacturers.