REG - Emmerson PLC - Exercise of Warrants and Issue of Shares

EmmersonAnnouncement

20/06/2022 07:00

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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                  +44 (0) 20 7236 1177
 (http://www.emmersonplc.com/) , follow us on Twitter (@emmerson_plc), or

 contact:

 Emmerson PLC

 Graham Clarke / Jim Wynn / Charles Vaughan

 Shore Capital (Nominated Adviser and Joint Broker)                         +44 (0)20 7408 4090

 Toby Gibbs / John More

 Liberum Capital Limited (Joint Broker)                                     +44 (0)20 3100 2000
 Scott Mathieson / Lydia Zychowska

 Shard Capital (Joint Broker)                                               +44 (0)20 7186 9927

 Damon Heath / Isabella Pierre

 St Brides Partners (Financial PR/IR)                                       +44 (0)20 7236 1177

 Susie Geliher / Charlotte Page

 

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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