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Ovoca Bio PLC - copper exploration in Morocco - Dublin-based Ovoca Bio is readmitted to trading on AIM in London on Wednesday, after its shareholders on Tuesday approve its all-share reverse takeover of Bristol, England-based Tadeen International Ltd, a holder of mineral exploration permits in Morocco. The new company, to be renamed Talisman Metals PLC, will be around 40% owned by Tadeen shareholders. As part of the reverse takeover and relisting, Ovoca conducted a three-into-one share consolidation and raised £1.2 million in equity at 7.7 pence per share. The enlarged company will have 64.2 million shares in issue, giving it a market capitalisation of £4.9 million at the issue price, though shares were quoted down at 5.50p each on Wednesday afternoon in London. Talisman Metals begins life with £2.3 million in cash resources. It will focus on the Tizert and Argana projects in Morocco.
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