Share Issuance to Employee Benefit Trust

RNS Number : 1044X

Eastinco Mining and Exploration PLC

31 December 2021

 

31 December 2021

Eastinco Mining and Exploration plc

Share Issuance to Employee Benefit Trust

Eastinco Mining and Exploration plc ("EME" or the "Company") announces the issue of 26,236,740 New Ordinary Shares at their par value of 1p to the Company's Employee Benefit Trust ("EBT"). The New Ordinary Shares are intended to be used by the EBT to satisfy options granted to management in lieu of cash compensation while the Company undertook COVID-19 cash preservation initiatives.

Accordingly, on 30 December 2021, the Company allotted the New Ordinary Shares to the EBT and such shares will rank pari passu in all respects with the existing ordinary shares of the Company. It is anticipated that the New Ordinary Shares will be admitted to trading on the AQSE Growth Market Access Segment on or around 7 January 2022 ("Admission").

Following Admission, the Company's issued share capital will comprise 488,692,170 Ordinary Shares, of which 51,974,000 Ordinary Shares will be held by the EBT. The Company does not hold any shares in treasury. The above figure of 488,692,170 should be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries:

For further information, please visit the company website  www.eastinco.com or contact:

Eastinco Mining & Exploration Plc:
Charles Bray, Executive Chairman -  [e-mail]
Simon Rollason, Director -  [e-mail]

AQSE Growth Market Corporate Adviser:
Novum Securities Limited
David Coffman / Lucy Bowden
Tel: [phone]  

Financial PR:
Yellow Jersey PR - [e-mail]
Tom Randell / Henry Wilkinson / Matthew McHale
Tel: [phone]

Notes to Editors:

About Eastinco Mining and Exploration plc

www.eastinco.com

Eastinco Mining and Exploration plc is an African focused investment company listed on the AQUIS Market in London.

We are seeking to acquire and develop critical and strategic mineral resources, whilst supporting ethical and sustainable supply chains. We are targeting those metals considered strategically essential to the economy, and for which any disrupted supply may have a significant impact on the production of critical and/or strategic end products. Presently the renewable energy, automotive and electronic manufacturing sectors are driving the requirement to develop secure supply chains of these key critical strategic minerals, particularly for the production of critical and/or strategic end products such as alloys, EV batteries, IT equipment, etc.

In 2019 we acquired Eastinco Limited, our Rwandan based subsidiary exploration, development, and trading company. We currently have three joint ventures in Rwanda where we are exploring for; and developing small-scale tantalum-tin mining operations.

 

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