Exercise of Warrants and Issue of Shares

RNS Number : 3315P

Emmerson PLC

20 June 2022

 

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

20 June 2022

Emmerson PLC ("Emmerson" or the "Company")

Exercise of Warrants and Issue of Shares

Emmerson PLC, the Moroccan-focused potash development company, announces that it has received notice of the exercise of warrants in respect of 333,333 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 amount to £10,000.

The Company has applied for the new shares to be admitted for trading on the AIM Market and admission is expected to take place on 23 June 2022.  The 333,333 new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Following the allotment of the 333,333 new Ordinary Shares, the new total number of shares in issue will be 915,579,994.  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.

**ENDS**

For further information, please visit  www.emmersonplc.com , follow us on Twitter (@emmerson_plc), or contact: Emmerson PLC Graham Clarke / Jim Wynn / Charles Vaughan	[phone]
Shore Capital (Nominated Adviser and Joint Broker) Toby Gibbs / John More	[phone]
Liberum Capital Limited (Joint Broker)	[phone]
Scott Mathieson / Lydia Zychowska
Shard Capital (Joint Broker) Damon Heath / Isabella Pierre	[phone]
St Brides Partners (Financial PR/IR) Susie Geliher / Charlotte Page	[phone]

Notes to Editors

Emmerson is focused on advancing the Khemisset project ("Khemisset" or the "Project") in Morocco into a low cost, high margin supplier of potash, and the first primary producer on the African continent.  With an initial 19-year life of mine, the development of Khemisset is expected to deliver long-term investment and financial contributions to Morocco including the creation of permanent employment, taxation and a plethora of ancillary benefits.  As a UK-Moroccan partnership, the Company is committed to bringing in significant international investment over the life of the mine, as outlined by a transformative strategic investment of US$46.8 million received from a major Singaporean fund and has a defined strategy and exceptional team of industry experts to deliver this large, and strategic national asset.

Morocco is widely recognised as one of the leading phosphate producers globally, ranking third in the world in terms of tonnes produced annually, and the development of this mine is set to consolidate its position as the most important fertiliser producer in Africa. The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K2O, with significant exploration potential, and is perfectly located to support the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. The need to feed the world's rapidly increasing population is driving demand for potash and Khemisset is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated the Project 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 NPV8 of approximately US$1.4 billion using industry expert Argus' price forecasts, and the spot price for granular MOP fertiliser has since risen, further enhancing the valuations.

 

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