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LONDON TO A BRICK
Will billionaire-backed London mining SPAC lift off?
Spacs have had a chequered history since their launch in the US. Many have missed their revenue targets, been wound up or gone bankrupt. So, all eyes are on London’s first mining Spac which listed in October having attracted some big names in the mining and auto sectors.
Cornerstone investors are the La Mancha Fund headed by gold mining tycoon Naguib Sawiris, Glencore and Stellantis - the trio have each pledged $100 million. Volkswagen has offered a $100 million prepayment....
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