Cyclone Metals Limited (ASX:CLE) acquired Labrador Iron Pty Ltd for AUD 3.24 million on January 4, 2023. Cyclone Metals Limited will issue the shareholders of Labrador (or their nominees) a total of 2,160,000,000 CLE shares at the deemed price of AUD 0.0025 per share. A notice of meeting will be put to CLE shareholders to approve the issue of the Consideration Shares. Completion of the transaction is conditional upon the Company receiving all necessary regulatory approvals pursuant to the ASX Listing Rules, Corporations Act or any other law to lawfully complete the matters set out in the Agreement. Prior to completion of the transaction, Cyclone also proposes to undertake a capital raising of no less than AUD 1,000,000, with the potential for oversubscriptions up to AUD 2,000,000 at an issue price of AUD 0.0025 per share.

Cyclone Metals Limited (ASX:CLE) completed the acquisition of Labrador Iron Pty Ltd on January 4, 2023.