(Alliance News) - Valereum PLC on Thursday said it has signed an option agreement to acquire Sparta Ltd for GBP100,000.

The Gibraltar-headquartered holding company said Sparta will apply to the Gibraltar regulators to extend its services to cover trust formation and management in "due course".

Sparta is a Gibraltar-based company formation and management service provider.

The firm said Sparta will fill the role which had been expected to be serviced by Juno Group, however the Company's acquisition of Juno was cancelled due to issues discovered during due diligence.

Chair Richard Poulden said: "The acquisition of Sparta will move us towards completion of our portfolio of product offerings whereby we will able to service the NFT program in-house. Sparta is already working with Valereum and integrating its specialist services into the group will be beneficial to our strategic plans."

Valereum shares rose 13% to 5.30 pence each in London on Thursday afternoon.

By Harvey Dorset, Alliance News reporter

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