Detour Gold execs form $250 million SPAC for 'once in a century' opportunity
The Metals Acquisition Corp. was announced earlier this week in a filing on Nasdaq.
The company is a newly formed blank check company or special purpose acquisition company (SPAC).
Michael (Mick) James McMullen will be CEO and director. He previously headed Detour Gold. Marthinus Crouse will be CFO and Dan Vujcic will be chief development officer. Crouse was formerly CFO at Detour.
Metal Acquisition Corp. will focus on opportunities arising from energy transition.
"Major government initiatives are being rolled out to curb GHG emissions, in some cases banning internal combustion engine vehicles altogether, through the electrification of transportation and its surrounding ecosystem; these sectors are currently undergoing what is best described as a once in a century transition that will create value-accretive ripple effects across several core areas, including the mining and metals sector. The metals used in electrification will see significant growth over the coming decade," writes the company in its S-1 filing.
The company is raising $250 million to acquire businesses and assets. The offering is 25 million units at $10. Holders will receive one Class A ordinary share and one-third redeemable warrant.
"Metals Acquisition Corp (the “Company”) is a newly formed blank check company incorporated on March 11, 2021 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination," wrote the company in its filing.