Metals One Plc. (AIM: MET1, OTCQB: MTOPF) has announced that it has signed conditional Heads of Terms with Lions Bay Capital (TSX-V: LBI) for Lions Bay Capital to acquire 100% of Lions Bay Resources (Private). As part of this transaction, Metals One will increase its holding of the enlarged Lions Bay Capital to 54.3%. This all-share deal simplifies and consolidates the complex corporate structure of these companies, making a more attractive investment story for the listed entities, shareholders and prospective shareholders. Lions Bay Resources is in the process of acquiring the 2-million-ounce (Moz) Barbrook Gold Mine and plans to leverage its interest in the Karbochem Cogeneration Power Plant to either produce low-cost power or potentially to roast the pyritic gold ore from Barbrook. There is also the potential that Lions Bay Resources may also acquire the 1.8 Moz Lily Mine, as well as 0.5 Moz of other historic mines and exploration projects.
