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SunMirror AG receives LOI from Barracuda Group Ltd

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Global Mining Review,

SunMirror AG, a mining and exploration firm specialising in raw materials such as gold, lithium and other metals and minerals, has announced that it has received a letter of intent to subscribe to new shares in the recently announced cash capital increase from Barracuda Group Ltd. Barracuda intends to subscribe to 1 000 000 new shares in a private placement at a price of CHF 70 each from the capital increase resolved on 7 January 2021, excluding the subscription rights of current shareholders. With the realisation of the subscription, the resolved capital increase in the volume of CHF 70 million would be fully placed.

SunMirror plans to use the proceeds from the capital increase to expand its portfolio and business activities in tier-one jurisdictions. This includes Europe and Australia, where SunMirror holds prospecting and mining rights for promising projects. Opus Capital Switzerland AG acted as lead advisor in the capital increase and was mandated, among other duties, with structuring the transaction. In addition, the company acted as arranger of the transaction.

“We are very pleased that with Barracuda we are likely to have an experienced strategic investor on our side, who will accompany our future company growth. Together with Barracuda, we could exploit additional market opportunities. Driven primarily by electromobility and the massive global expansion of energy storage systems, we see increased demand for raw materials in the battery industry, which we intend to acquire and market together with Barracuda,” said Dr. Heinz Rudolf Kubli, Board of Directors of SunMirror AG.

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Lithium mining news Gold mining news