SmartKem agrees all-stock merger with Ferrox Critical Minerals valuing Ferrox at $125 million
SMTK•Merger terms
SmartKem agreed to an all-stock merger with Ferrox Critical Minerals valuing Ferrox at USD 125 million, net of Ferrox debt owed to SmartKem.
No cash will be paid; share issuance will be set using SmartKem’s 30-trading-day VWAP ending just before closing.
Ferrox assets and closing conditions
Ferrox’s main asset is the Tivani critical minerals project in Limpopo Province, South Africa, held under a mining right for iron, titanium, vanadium.
Closing requires shareholder approvals for both companies, Nasdaq clearance, required government approvals, and no material adverse change.
Either party can terminate if the deal has not closed by March 31, 2027.
