Corrected Announcement

RNS Number : 5026X

Equatorial Mining & Exploration PLC

10 August 2018

 

10^th August 2018

Equatorial Mining & Exploration Plc ("EME" or the "Company")

CORRECTED ANNOUNCEMENT

Further to the announcement of 3^rd August which discloses the issue of new shares in the amount of 2,685,112,325, this number is incorrect and the correct number of new shares issued was 2,786,331,837.  The corrected announcement is set out below.

Issue of New Ordinary Shares and Warrants to subscribe for Ordinary Shares

Directorate Appointment

Further to the announcement made on 17^th July 2018 where the Company disclosed that as part of its commitment to rid the Company of its legacy debt,  instructions had been provided to the Company's registrars which would lead to a significant issue of new ordinary shares.  The Company also disclosed the planned issue of shares to ARQ Minerals (Pty) Limited ("ARQ") as part of the investment agreement, also announced on 17^th July.

Accordingly the Company announces the issue of a total 2,786,331,837 new ordinary shares of 0.01p.

In the interests of clarification, the above action removes unpaid directors fees, private loans (other than a continuing private investor loan of £60,000) and the convertible loan notes which were in issue. 

The new shares will rank pari passu with the Company's existing ordinary shares and will be admitted to trading on NEX Exchange Growth Market on 4^th August 2018.

Issue of Warrants to subscribe for ordinary shares to ARQ

As part of the aforementioned investment agreement with ARQ; the Company has issued 500,000,000 warrants to subscribe for ordinary shares at 0.02p (£0.0002) with an expiry date of 25^th May 2021.

As a result, the changes to the Company's shares, warrants and convertible loan notes in issue are tabulated below:

	Ord Shares of 0.01p	Warrants to subscribe for ordinary shares at 0.02p	0.41p Convertible loan notes
Previously in issue	7,622,191,670	0	£40,000
Currently in issue	10,408,523,507	500,000,000	0

Changes to the Directors' stock interests are set out below:

	Ord shares of 0.01p	% of enlarged share capital	Employee Benefits Trust under option at 0.01p per share
Nicholas Nelson	545,939,024	5.2	891,990,000
Simon Retter	116,636,179	1.1	200,000,000

Shareholders with 3% or more of the issued share capital

Registered Shareholder	Shareholding	% of enlarged share capital
JIM Nominees Limited	2,683,400,870	25.7
First Names Trust Company Limited	1,332,400,000	12.8
Spreadex Limited	823,100,000	7.9
GTI International Limited	800,000,000	7.7
Pershing Nominees Ltd	727,386,854	7.0
M M Daniel	690,000,000	6.6
M Staten	550,000,000	5.3
Reba Global Pty Ltd	500,000,000	4.8

Directorate Appointment

The Company is delighted to announce the appointment of Devon Marais to the board as a non-executive director.

Mr Marais is a South African national with directorate positions in five companies spanning a range of business segments.  Of most relevance was his appointment last year as a non-board director of ARQ Minerals Pty Limited ("ARQ") which took an interest in the Company last June becoming a shareholder and operating partner in Nigeria.

Specifically, Mr Marais' role in ARQ is described as being Head of Acquisitions which is of direct relevance to EME's short term plans.

Directorships in the past five years:

Current Directorships		Past Directorships
Name	Appointment date
Greenco Africa Ltd	January 2014	None
Park Media Solutions Ltd	March 2017
Shammy Corp Ltd	December 2016
Southern Cross Technologies Ltd	January 2017

Devon Jacques Marais, age 23, has no further disclosures under the NEX Exchange rules for companies.

Enquiries:

Equatorial Mining & Exploration Plc: Nicholas Nelson, Executive Chairman	[e-mail]
NEX Exchange Adviser and Broker Alexander David Securities James Dewhurst	[phone]

The Directors take responsibility for this announcement.

 

END

 

 

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