Evrima Plc CEO Direct Financing
01 December 2022 - 3:19AM
UK Regulatory
TIDMEVA
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY EVRIMA PLC TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
30 November 2022
Evrima plc
("Evrima" or the "Company")
CEO, Burns Singh T Bhohi commits £250,000 in Working Capital via Secured
Convertible Loan Notes
Evrima plc, the investment issuer focused on structuring investment
transactions in the mining and junior exploration and development industries
are pleased to provide an update with respect a direct financing arrangement
entered into between the Company and the Company's Chief Executive Officer
("CEO"), Burns Singh Tennent-Bhohi.
Burns Singh Tennent-Bhohi, Chief Executive Officer commented,
"Global policy shifts in Central Banking monetary policy have seen tightening
measures that have aggressively reduced liquidity in global financial markets,
increased capital outflows and importantly also signalled an increased cost of
risk in money markets. These shifts coupled with geo-political uncertainties
have created challenges for capital markets and of net-positive significance to
Evrima, asset allocation.
The Company does maintain liquid assets that if sold today would offer capital
reallocation opportunities and more than sufficient sustaining capital to cover
planned corporate activity for the foreseeable future without the need for
external equity financing.
Whilst I entirely appreciate that the aforementioned is in contrast to the
announcement today, I believe that our equity interests in Premium Nickel
Resources Corporation and Eastport Ventures Inc. should be maintained until the
Board have visibility of a number of key corporate items that we believe
accelerate the valuation of these interests held by the company. These items
have a 12-18-month horizon and whilst we will remain vigilant of opportunities
to capitalise profits without hesitation at all times, we want to specifically
ensure that the Company's decisions to dispose are to generate capital gains
for capital reallocation and/or distribution purposes rather than our
motivation to dispose being predicated by funding operational costs associated
with the business.
To this end, it was important that in the Board taking this view which
ultimately carries its own level of risk to our shareholders, that I ensure
that the Company is well capitalised to support this strategy and even more so
given the challenges in capital markets at present.
It continues to be a very busy period at the company, and the Company will be
providing further updates with respect to the Company's next evolution which
the Board has been diligently working on."
£250,000 Secured Convertible Loan Note ("SCLN") Facility
* Chief Executive Officer, Burns Singh Tennent-Bhohi has made available the
SCLN of which £100,000 will be drawn down immediately
* SCLN shall have a maturity of 12 months from the date of the agreement
entered between both parties, with the Maturity date being 29.11.2023
* The SCLN shall carry a coupon of 10% and will be rolled-up on draw of funds
to the borrower and payable upon maturity
* The SCLN will maintain a floating charge over the assets of the Company
* Upon redemption and at the election of the lender, the lender shall have
the right to redeem the monies owing through cash redemption, conditional
settlement by way of an issue of equity or settlement by way of a
distribution of assets that reflect the monetary sum lent and outstanding,
including all and any accrued interest payable to the lender
* Burns Singh Tennent-Bhohi has the right to serve the Directors notice and
intention to convert any monies outstanding at the lower of the mid-price
of Evrima as at the date of this agreement being, four pence per share (£
0.04) or the 15-day volume weighted average price (VWAP) preceding the
lenders intention to serve notice to convert.
Chief Executive Officer, Burns Singh Tennent-Bhohi has proposed that the terms
of conversion and the right to convert any debt outstanding be subject to and
conditional on shareholder approval (resolution to be included at the upcoming
Annual General Meeting) to ensure shareholders have the right to vote on what
is a substantive issue of equity to one party.
The Company expects to post its notice to convene its AGM in the coming days, a
copy of which will be available at the Company's website.
Burns Singh Tennent-Bhohi will abstain from voting on the proposed resolution
put to shareholders.
Conditional on Shareholder Approval:
The SCLN constitutes a related party transaction under Rule 4.6 of the AQSE
Growth Market Access Rulebook. The Directors of Evrima, save for Burns Singh
Tennent-Bhohi, consider that having exercised reasonable care, skill and
diligence, the related party transaction is fair and reasonable as far as the
shareholders of Evrima are concerned.
The Directors of Evrima accept responsibility for this announcement.
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).
Ends -
Enquiries :
Company:
Burns Singh Tennent-Bhohi (CEO & Director): burns@evrimaplc.com
Simon Grant-Rennick (Executive Chairman): simon@evrimaplc.com
Novum Securities Limited (AQSE Corporate Adviser):
David Coffman / George Duxberry: + 44 (0) 20 7399 9400
END
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