Exercise of Warrants and Issue of Shares

RNS Number : 3086A

Emmerson PLC

01 June 2021

 

Emmerson Plc / Ticker: EML / Index: AIM / Sector: Mining

01 June 2021

Emmerson Plc ("Emmerson" or the "Company")

Exercise of Warrants and Issue of Shares

Emmerson Plc, the Moroccan focused potash development company, is pleased to announce that it has received notice of the exercise of warrants from JIM Nominees Ltd in respect of 7,833,833 ordinary shares of no par value in the capital of the Company ("Ordinary Shares") at a price of 3 pence per share.  The aggregate gross proceeds of this exercise amounts to £235,014.99.

The Company have applied for the new shares to be admitted for trading on the AIM Market and admission is expected to take place on 4 June 2021.  The 7,833,833 new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

For the purpose of the Disclosure and Transparency Rules, following the admission of the  7,833,833 new Ordinary Shares (excluding any treasury shares) the new total number of shares in issue will be 833,244,481. Accordingly, this figure may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company, under the Disclosure and Transparency Rules.

The Directors of the issuer accept responsibility for the contents of this announcement.

**ENDS**

For further information, please visit www.emmersonplc.com, follow us on Twitter (@emmerson_plc), or contact:

Emmerson Plc Graham Clarke	[phone]
Shore Capital (Nominated Adviser and Joint Broker) Toby Gibbs / John More (Corporate Advisory) Jerry Keen (Corporate Broking)	[phone]
Shard Capital (Joint Broker) Damon Heath / Isabella Pierre	[phone]
St Brides Partners (Financial PR/IR) Susie Geliher	[phone]

Notes to Editors

Emmerson's primary focus is on developing the Project located in Northern Morocco.  The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K ₂ O and significant exploration potential with an accelerated development pathway targeting a low capex, high margin mine. Khemisset is perfectly located to capitalise on the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. This unique positioning means the Project will receive a premium netback price compared to existing potash producers. The need to feed the world's rapidly increasing population is driving demand for potash and Emmerson is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated Khemisset has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. This delivered outstanding economics including a post-tax NPV ₁₀  of approximately US$1.4 billion using industry expert, Argus', price forecasts.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

END

 

 

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