Emmerson PLC - Capital Raising to Support Ongoing Development
Development at the
Following the delivery of the Feasibility Study (refer to announcement
The placing was led by sole broker
"The support that we have received in this fundraise, for which demand significantly exceeded our minimum targeted figure, is very encouraging and demonstrates a strong belief from our investors in the potential of Emmerson and the
"These funds enable us to continue to make strong progress on preparing the
"While our focus in the short term is on permitting, strategic financing discussions and reviewing the Feasibility Study for both opportunities to improve the project further and complete additional work to mitigate any risks, we also expect to be able to complete additional work on our SOP project, salt strategy and to bring our additional resources into a mine plan, which present growth opportunities to improve our already outstanding economics.
"We look forward to keeping our shareholders updated on the progress we make over the remainder of 2020 and into 2021."
Details of the Fundraising
Use of proceeds
It is intended that the proceeds of the Fundraising will principally be used for the continuation of development of the Project post the delivery of the Feasibility Study with workstreams including the mine permitting process, project technical work including geotechnical drilling and drilling to confirm brine deep well injection as well as examining the potential for a phased development of the
Admission and Total Voting Rights
The Company has raised
Accordingly, an application will be made for the Placing Shares to be admitted to the Official List of the
Following Admission, the enlarged issued share capital of the Company will comprise of 726,602,974 ordinary shares of no-par value each. No ordinary shares are held in
The above figure of 726,602,974 ordinary shares may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
For further information, please visit www.emmersonplc.com, follow us on Twitter (@emmerson_plc), or contact:
Notes to Editors
Emmerson's primary focus is on developing the Project located in
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS, the news service of the
Quick facts: Emmerson PLC
Market Cap: £34.15 m
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