TechFinancials and Coinsilium see significant share price gains, while Good Life Plus and Vaultz Capital experience declines.

TechFinancials is acquiring a 60% stake in Kenya's Dilotiko high-grade iron ore project. The mining permit application is undergoing final evaluation. The deal involves issuing shares to acquire the stake, and TechFinancials will also underwrite a £250,000 placing. The share price rebounded 75.7% to 0.325p. Coinsilium's Forza subsidiary holds 86.67 Bitcoin, and shareholder agreement allows for further investment. The share price rose 54.3% to 27p. The Smarter Web Company raised £10.3m and currently owns 1,275 Bitcoin. The share price improved 21.7% to 392.5p.

TechFinancials, Inc. (AIM:TECH) has announced a significant acquisition deal, securing up to a 60% interest in the Dilotiko high-grade iron ore project located in Kenya. The deal involves issuing 20 million shares at 0.25p each to the vendor, Gathoni Muchai Investment Company. The project, situated on a 220-acre site near Voi and close to Kenya’s main road and rail links to Mombasa Port, has a mining permit application accepted in January 2025, currently undergoing final evaluation.

Under the terms of the agreement, TechFinancials will initially acquire an option over a 25% stake in Dilotiko Ltd, the operator of the Dilotiko Project. This option can be increased to 60% through a further issue of shares. The company will conduct a due diligence phase before entering into formal documentation to acquire a 25% stake. The deal also includes a non-binding letter of intent for the purchase of iron ore from the project by a domestic steel manufacturer.

The acquisition is part of a larger strategic move by TechFinancials to expand its presence in the African mining sector. The company has granted Gathoni Muchai the right to appoint two executive directors to its board, including Mr. Collins Aseto as Executive Director and Mr. Manish Shavadia as Finance Director. Additionally, TechFinancials will underwrite a £250,000 placement of 100 million shares to fund further exploration and mine optimization studies at the Dilotiko Project.

The share price of TechFinancials has rebounded 75.7% to 0.325p following the announcement. The company’s share price has also seen a 54.3% increase to 27p, reflecting investor confidence in the acquisition and the project’s potential.

References:
[1] https://www.proactiveinvestors.com/companies/news/1074387/techfinancials-pivots-with-kenyan-iron-ore-deal-1074387.html
[2] https://www.research-tree.com/newsfeed/Article/techfinancials-inc-potential-acquisition-board-issue-of-equity-2912796