Spitfire Oil Limited (“Spitfire” or “the Company”) is a mining and investment company, incorporated in Bermuda, whose shares are quoted on the Alternative Investment Market of the London Stock Exchange (“AIM”).
With the relinquishment of the licences over the Salmon Gums lignite deposits, Spitfire becomes an AIM Rule 15 cash shell. As such, the Company will be required to make an acquisition (or acquisitions) which constitutes a reverse takeover under AIM Rule 14 on or before 29 February 2020. If no such acquisition is completed by 29 February 2019, the Company’s shares would then be suspended from trading on AIM pursuant to AIM Rule 40. The directors are considering suitable projects for acquisition by the Company.