Eastinco SPA long stop date amendment

RNS Number : 9497G

Equatorial Mining & Exploration PLC

29 July 2019

 

GB00B63R0322

29 July 2019

Equatorial Mining and Exploration Plc

("EME" or the "Company")

Amendment to the Share Purchase Agreement, Completion of Convertible Loan Note Issuance, Update in respect of Fundraising

Capitalised terms used but not defined in this announcement shall have the meanings given to them in the circular posted by the Company on 8 July 2019.

Amendment to Share Purchase Agreement

The directors of EME announce that due to a technical delay in the transfer of certain mining licenses required as a condition to completion of the share purchase agreement in respect of the acquisition of Eastinco Ltd (the "SPA"), it is unlikely that the transaction contemplated by the SPA will be completed by the long stop date of 31 July set out therein. Accordingly, the directors have entered into an amendment agreement to the SPA with the sellers of Eastinco Ltd to extend the long stop date in the SPA to 30 September 2019.

Further, the directors of EME announce that Eastinco has begun preliminary discussions on a new joint venture mining opportunity in southern Rwanda. This presents the opportunity to grow the business substantially, subject to successful geological survey results and the negotiation of satisfactory terms and conditions.

Completion of the Issuance of Convertible Loan Notes

The Company has completed the issuance of £904,000 Convertible Loan Notes and the issuance of 9,040,000,000 Warrants in connection with the Fundraising.

Update in respect of Fundraising Shares

The 4,000,000,000 Fundraising Shares (with an aggregate nominal value of £400,000) will be issued to investors during the week commencing 29 July 2019 along with the associated warrants highlighted in the circular. The issue is expected on the resumption of trading in the Company's shares on the NEX Growth Exchange.

The Directors of the Company accept responsibility for the announcement. 

Equatorial Mining & Exploration Plc:                                    [e-mail]

Charles Bray, Executive Chairman

NEX EXCHANGE CORPORATE ADVISER:

Alexander David Securities Limited

David Scott -Corporate Finance

James Dewhurst - Corporate Broking 

Telephone: [phone]

http://www.ad-securities.com

49 Queen Victoria Street, London EC4N 4SA

 

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