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- TAO Commodities (TAO) has officially completed its planned acquisition of 100 per cent of Hyperion Metals and its Titan Project
- The company released an update to investors today stating it had satisfied all of the remaining conditions, including shareholder approval
- TAO has already completed a phase one drilling program at the U.S. based Titanium and Zircon Minerals Sands Project
- It’s now awaiting assays from the program before it pushes ahead with an additional phase two drilling campaign
- Following purchase completion, shares in TAO are trading 9.62 per cent in the red at 23.5 cents each
TAO Commodities (TAO) has officially completed its planned acquisition of 100 per cent of Hyperion Metals and its U.S. based Titan Project.
The company first flagged acquiring Hyperion back in September this year and has since advised its satisfied all of the remaining conditions, including shareholder and regulatory approval.
All of the shares and options handed over as part of the consideration for the acquisition have also been issued, with completion occurring on December 1.
Additionally, TAO has appointed Anastasios Arima as Executive Director of the company, with the new director to be based out of the U.S.
Anastasios will bring a wealth of experience to the role, as he’s already the Director for leading lithium producer, Piedmont Lithium.
Commenting on the acquisition completion, TAO Commodities Director Patrick Glovac said he was pleased to see it all finalised.
“This is a very exciting time for TAO shareholders in completing the Hyperion
transaction and gaining exposure to a large-scale U.S Titanium and Zircon Minerals Sands Project,” Patrick said.
In the meantime, TAO has already completed phase one drilling at the titanium and zircon minerals sands project in Tennessee.
The company is now awaiting assay results from the program, after which it is planning to commence an additional phase two campaign at Titan.
Shares in TAO Commodities are trading 9.62 per cent in the red at 23.5 cents each at 2:27 pm AEDT.
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