Emmerson PLC Exercise of Warrants and Issue of Shares (3315P)
June 20 2022 - 1:00AM
UK Regulatory
TIDMEML
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
GBP10,000.
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 +44 (0) 20 7236
Graham Clarke / Jim Wynn / Charles Vaughan 1177
Shore Capital (Nominated Adviser and Joint
Broker) +44 (0)20 7408
Toby Gibbs / John More 4090
+44 (0)20 3100
Liberum Capital Limited (Joint Broker) 2000
Scott Mathieson / Lydia Zychowska
Shard Capital (Joint Broker) +44 (0)20 7186
Damon Heath / Isabella Pierre 9927
St Brides Partners (Financial PR/IR) +44 (0)20 7236
Susie Geliher / Charlotte Page 1177
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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