News and Announcements
Millenium Kapital release a shareholder update with news on their IPO
- Published March 21, 2019 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Millenium Kapital is still completing their final round of Pre IPO raising at 2p
- They have released a shareholder update with news on their IPO
- The company has decided to acquire the Zimmi Diamonds Limited in Sierra Leone
- Sierra Leone has been known to produce some of the world’s most amazing canary diamonds
- Millenium Kapital’s new website is now live
Millenium Kapital Ltd (MKL) release a shareholder update with news on their IPO.
The company is still doing its final round of Pre IPO raising at 2p and is trying to complete this as soon as possible.
MKL has decided to acquire the tenements in Zimmi, Sierra Leone. This mining area has been known to produce some of the world’s most amazing canary diamonds.
Zimmi refers to a small town in the Pujehun district of Sierra Leone, located right in the middle of the ‘Moa” and “Mano” rivers’ Delta. Their company, Zimmi Diamonds Limited, in Sierra Leone, is 35% owned by Lina Tirado (MKL’s CEO), 35% owned by Cyril D’Silva (MKL’s Executive Chairman) and 30% owned by their local partner Franklyn Kargbo (the Attorney General of Sierra Leone under the previous government and owner of Tanner Legal in Freetown, Sierra Leone). Zimmi Diamonds Limited will own the mining tenements in Sierra Leone and will be acquired 100% by Millenium Kapital Ltd.
MKL currently has two options available to them with respect to the IPO. The first is the original plan of listing it as a cash shell at 3p and then to acquire the Zimmi assets shortly after that valuing them at 5p. MKL will then have to issue a new prospectus once they acquire the asset and the acquisition will take them a further 90 to 180 days to complete.
The second option is to acquire the asset at the IPO and do the IPO at 5p. This would save MKL additional cost on reissuing a new prospectus. While this option will delay the initial IPO, it will get them to the IPO at 5p and save the company considerable time in getting the share price up to the 5p level.
MKL will make a decision on this as soon as they have completed the final round of the Pre IPO. In preparation of the IPO, the new website is now live.
About Millenium Kapital Ltd
Millenium Kapital Ltd (MKL) is currently in pre-IPO stage where it is raising working capital at 2 pence. Its intention is to float MKL at 3 pence with a maximum of 100 million shares on issue and is targeting to raise a total of £1,450,000, which will include IPO and pre-IPO expenses.
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