Shares in Ovoca Bio (OVB) have been re-admitted to Aim, following the completion of the reverse takeover of Tadeen International Limited.
The listing price is 7.7p, and the market capitalisation just under £5 million.
The company will change its name to Talisman Metals PLC (TLM) once processed by the Irish Companies Registration Office. This process is expected to complete shortly.
The re-listing was accompanied by a fundraising of £1.15 million, comprising a placing raising £350,000, and a subscription raising £805,000.
This will be aggregated with the Company's existing cash resources, resulting in total cash resources of approximately £2.255 million.
This will be used to fund a work programme at the Tizert and Argana copper projects in Morocco, provide general working capital and fund the costs of admission.
The Tizert project includes three target areas, the Fougnar, Tizert South and Tizert North permits, which are located are between eight kilometres and 30 kilometres from the large Tizert copper-silver project being developed by Managem SA Group.
"Today marks an important milestone for Talisman, and I would like to thank our employees, shareholders, counterparties, and the many advisers who have worked tirelessly to complete the reverse takeover and achieve readmission to Aim,” said Timothy McCutcheon, chief executive of Talisman Metals.
“With the commencement of trading, the business is well positioned to move forward with a clear strategic focus, to further develop the potential of our exciting project portfolio."
View from Vox
Good to see Ovoca return to the mining fold after a spell of around eight years as a biotech company. The Moroccan copper portfolio looks highly prospective and the soon-to-be Talisman now has a sizeable warchest to start proving up its potential. The time is propitious too, as copper prices have strengthened markedly over the past few months.