TIDMEML
RNS Number : 5922Q
Emmerson PLC
26 February 2021
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26 February 2021
Emmerson Plc
("Emmerson" or "the Company")
Result of Placing
GBP5.5million fundraise to continue project development
workstreams
Further to its announcement earlier today, Emmerson Plc (LSE:
EML), the Moroccan focused potash development company, is pleased
to announce that it has successfully raised gross proceeds of
GBP5.5 million pursuant to the Placing (the "Fundraise"). A total
of 95,652,174 new ordinary shares of no par value each ("Ordinary
Shares") were subscribed for by investors ("Placing Shares"), at an
issue price of 5.75 pence per Placing Share.
Application will be made for the admission of the Placing Shares
to trading on the Main market of London Stock Exchange plc
("Admission"). It is expected that Admissio n will take place at or
around 8.00 a.m. (London time) on 8 March 2021. The Placing Shares
will, when issued, be credited as fully paid and will rank pari
passu in all respects with the Companys existing issued Ordinary
Shares .
Graham Clarke , Chief Executive Officer of Emmerson,
commented:
"We are delighted with the strong support shown by both some
significant new investors and also a number of our existing
investors, which further endorses their strong belief in the
potential of Emmerson and the Khemisset Project. These funds enable
us to continue to make strong progress as we move ever closer to
the commencement of construction.
"While our main focus in the short term is on securing the
environmental approval and strategic financing discussions, we will
now commence site investigation work to feed into the commencement
of detailed design whilst also working on our SOP project, salt
strategy and expansion of both the life of mine and the potential
for increasing our output which present growth opportunities to
improve our already outstanding economics.
"With this funding and our mining licence in hand, we see 2021
as a pivotal year for our development as we aim to become the first
y potash producer in Africa."
Total Voting Rights
Following Admission of the 95,652,174 Placing Shares, the
Company's issued share capital will consist of 822,644,481 Ordinary
Shares. Therefore, following Admission the total number of voting
rights in Emmerson will be 822,644,481 , which is the figure which
should be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in,
Ordinary Shares under the FCA's Disclosure and Transparency
Rules.
Enquiries:
For further information, please visit www.emmersonplc.com ,
follow us on Twitter (@emmerson_plc), or contact:
Emmerson plc
Graham Clarke
Hayden Locke +44 (0)20 7236 1177
Shore Capital (Lead Bookrunner)
Jerry Keen
Toby Gibbs
John More +44 (0)20 7408 4050
Shard Capital (Joint Bookrunner)
Damon Heath
Isabella Pierre +44 207 186 9927
St Brides Partners Limited
Megan Dennison
Susie Geliher +44 (0)20 7236 1177
About Emmerson
Emmerson is a potash development company . Potash is a
fertiliser used to increase crop yields and improve the quality of
plants - it plays a central role in helping feed the world's
growing population.
Emmerson's primary focus is on developing the Khemisset Potash
Project located in Northern Morocco. The project has a large JORC
Resource Estimate (2019) of 537Mt @ 9.24% K2O and significant
exploration potential with an accelerated development pathway. The
recently completed Feasibility Study completed by Golder Associates
has confirmed the findings from the Scoping Study, which showed
that Khemisset has the potential to be a world class, low capital
cost, high margin potash mine, which is a very rare asset in the
industry.
www.emmersonplc.com
LinkedIn Twitter
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except pursuant to an applicable exemption from registration. No
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