Oscillate PLC (LSE:SRVL), the AIM-bound shell company rebranding as Serval Resources, has completed the acquisition of Kalahari Copper and begun trading on London's junior market, raising nearly £3 million to fund exploration across two emerging African copper belts.
The company's shares began trading on AIM at 8 am today under the ticker SRVL, having previously been listed on the Access segment of the AQSE Growth Market.
The fundraise, which comprised an equity placing and retail offer, brought in £2.96 million before expenses through the issue of 13.1 million new shares at 22.5 pence each.
The acquisition of Kalahari Copper gives Serval a significant landholding across two under-explored regions: the Kaoko Basin in Namibia and the Kalahari Copper Belt in Botswana, both of which the company describes as adjacent to recent significant discoveries.
The company said its ambition is to become a mid-cap copper and future metals development group, with immediate focus on advancing exploration targets in both countries.
Andrew Benitz has been appointed as a non-executive director with immediate effect, nominated by Kalahari Copper under rights established at the time of the acquisition.
A formal name change to Serval Resources will follow once processed by Companies House, though the ticker SRVL will remain unchanged.
Chief executive Robin Birchall called the AIM admission a landmark moment and said the priority was to deploy the fundraise proceeds against the company's exploration targets in Namibia and Botswana.