Nyota Minerals Ltd has called off the reverse takeover of BigDish Ventures Ltd, which provides digital privilege cards or the restaurant sector, because of the substantial costs.
Bigdish believes that there are less costly options and the alternative appears to be a standard listing.
A £200,000 loan from Bigdish, excluding interest, will be converted into Nyota shares. The conversion price will be the same as the share price for the next fundraising. A share placing is intended to provide working capital. Bigdish will issue £200,000 of shares to Nyota for nil consideration.
The disposal of the exploration operations is going ahead.
Trading in the shares was suspended in November at 0.05p and, although it remains suspended on ASX, .it recommenced on AIM and the share price is 0.06p.
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