TM, a UK-based company, was established to address the circular economy in the battery metals sector, to cover the mineral life cycle from exploration and mining through to end-of-product recycling for cobalt, lithium, nickel and manganese, all within one group. TM engaged Alfred Henry to advise and assist with their listing on the Main Market of the London Stock Exchange (“Admission”). TM’s share capital was admitted to the standard listing segment of the FCA’s Official List in November 2021 and at the same time, TM successfully raised £1.5 million (before expenses) by way of a private placing with institutional and other investors.
As part of the Admission process, TM, which was established as a holding company, entered into four separate share purchase agreements to acquire technology mineral assets, including the rights to explore and develop cobalt, nickel and associated metals. The acquisition of these four mineral exploration businesses was conditional on Admission and resulted in an Enlarged Group with four operating subsidiaries. In addition, the Company owns 49% of a battery-recycling business, Recyclus Group Ltd, which was seen as strategically beneficial as it completed the circular economy and gave access to a potential revenue generating asset.
As Corporate Adviser, Alfred Henry helped TM prepare this “acquisition-heavy” prospectus and liaised with the FCA and LSE in order to facilitate Admission. TM was the first listed UK company focused on creating a sustainable circular economy for battery metals.