Notification of Share Interest

RNS Number : 9694I

Equatorial Mining & Exploration PLC

31 March 2015

 

Equatorial Mining & Exploration Plc

("EME" or the "Company")

Notification of Share interest and Agreement with Nigerian Investment Bank

Equatorial Mining & Exploration Plc, a solid minerals exploration company, announces that GTI International Limited has acquired 800 million ordinary shares representing 18.795% of the Company's issued share capital.

GTI International Limited is a subsidiary of GTI Capital Limited, ("GTI") one of Nigeria's leading investment banks. Through its UK representative office, GTI London Limited, GTI has identified EME as offering significant investment potential.

EME's intention is to engage GTI as its principal financial adviser in Nigeria and has recently executed a Memorandum of Understanding with GTI to provide funding and know-how in support of the Company's ambitious plans to dominate the exploration and production of coal and other solid minerals in Nigeria.

Commenting on the alliance, Nicholas Nelson, Executive Chairman said:

"It makes sense that our main strategic partner is Nigerian and we are fortunate to have GTI's future backing.

"The recent fall in the oil price has led to a renewed focus on other critically needed minerals to power Nigeria's explosive industrial growth and we believe that coal will be a significant beneficiary in this. Moreover, we believe that our ability to develop the 660 sq.km of exploration properties under our control will deliver significant returns for shareholders in the short and medium terms"

Abubakar Lawal, Chief Executive, GTI commented:

"With funds under management specifically targeted at investment in Nigerian minerals, GTI recognises EME as having the makings of an Anglo Nigerian concern capable of dominating the Nigerian solid minerals sector.

"We are delighted with the quality of assets accumulated by EME's management over the past four years which we believe can assist us in developing EME's value for its shareholders".

About GTI

GTI Capital is a leading full service Investment Banking group in Nigeria. GTI recently expanded  its operations overseas by establishing a Nigeria focused team in London. GTI London's mandate is to seek European corporate partners to join GTI Capital in entering under-exploited segments of the Nigerian market.

31 March 2015

Enquiries:

Equatorial Mining & Exploration Plc: Nicholas Nelson, Executive Chairman	[e-mail]
ISDX Adviser: Alfred Henry Corporate Finance Ltd. Jon Isaacs	[phone]
Broker: Alexander David Securities David Scott	[phone]
Financial PR and Investor Relations: Walbrook PR Ltd. Guy McDougall Nick Rome	[phone]
GTI London Limited: John Kavvouras Sam Retiola	[phone] [e-mail] [e-mail]

The Directors take responsibility for this announcement.

 

END

 

 

HOLMMGFFRMNGKZG