For Immediate Release
30 July 2020
NQ Minerals Plc
(the "Company" or "NQ")
London listed NQ Minerals Plc (AQSE: NQMI) (OTCQB: NQMLF and US ADR OTCQB: NQMIY), the base and precious metals producer from its Hellyer Gold Mine ("Hellyer") in Tasmania Australia, announces that it has raised £447,500 (gross) at 7 per share from a UK based investor and a group of private investors for general working capital purposes and the Company will issue 6,392,857 new ordinary shares ("Placing Shares") under this equity issue.
Admission and Settlement
Application has been made for the Placing Shares to be admitted to trading on Aquis Stock Exchange and admission is expected to occur on or around 4 August 2020 ("Admission"). Upon Admission, the Company will have 367,261,002 ordinary shares of 0.1p each on issue, each carrying the right to one vote. There are no shares held in treasury.
The total voting rights in the Company will therefore be 367,261,002 and shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules. The placing is conditional upon the terms of a placing agreement and the shares being admitted to trading on Aquis Stock Exchange.
David Lenigas, NQ Mineral's Chairman, comments, "NQ as a Company has less than 200 registered shareholders on its share register and it is important to expand the shareholder base as we move forward, hence why the Company has undertaken a number of sub £1 million placings in the past months, to not only provide key working capital for our Beaconsfield Gold Mine re-opening plans, but also to add shareholders to our shareholders base."
About NQ Minerals
NQ Minerals is an Australian-based mining company which commenced base metal and precious metal production in 2018 at its 100% owned flagship Hellyer Gold Mine in Tasmania. Hellyer has a published JORC compliant Mineral Resource estimated at 9.25 Mt which is host to Gold at 2.57 g/t Au for 764,300 oz Au, Silver at 92 g/t Ag for 27,360,300 oz Ag, Lead at 2.99% Pb for 276,600 tonnes and Zinc at 2.57% Zn for 217,400 tonnes. In addition to these resources, the Hellyer assets include a large mill facility and full supporting infrastructure, including a direct rail line to port. The Company is also planning to re-open the historic high-grade Beaconsfield Gold Mine in Tasmania, which has a JORC 2012 compliant Mineral Resource Estimate of 1.454 Mt at 10.3 g/t Au for 483,000 ounces of gold. The Company regularly updates the market on Hellyer's operational and financial performance, and these updates can be views on NQ's website at www.nqminerals.com.
Competent Person's Statement
The information in this report that relates to the Hellyer Gold Mine is based on information compiled by Roger Jackson, an Executive Director of the Company, who is a 20+ year Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a Member of Australian Institute of Company Directors. Mr. Jackson has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves". Mr. Jackson consents to the inclusion of the data contained in relevant resource reports used for this announcement as well as the matters, form and context in which the relevant data appears.
For further information, please contact:
NQ Minerals plc:
David Lenigas, Chairman
Colin Sutherland, Chief Financial Officer
Tel: +1 416 452 2166 (North America)
Tel: +44 (0) 203 934 6630 (United Kingdom)
First Sentinel Corporate Finance Limited
Brian Stockbridge / Gabrielle Cordeiro
Tel: +44 (0) 207 183 7407 (United Kingdom)
VSA Capital Limited
Andrew Monk/Maciek Szymanski
Tel: + 44 (0) 203 005 5000 (United Kingdom)
The Following section relates to NQ Minerals Plc's news releases distributed in the United States:
Cautionary Note to US Investors
The United States Securities and Exchange Commission ("SEC") permits US Mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Any estimates of mineral resources shown in this press release or on NQ Minerals PLC's website have been prepared in accordance with definition standards of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves produced by the Australasian Joint Ore Reserves Committee, which may differ from definition standards of the United States Securities and Exchange Commission ("SEC") Industry Guide 7. We may use certain terms which the SEC guidelines strictly prohibit US registered companies from including in their filings with the SEC.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements based on current expectations, estimates, forecasts, and projections, including those related to our growth strategy, mineral estimates and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to exploration, development and/or extraction; our ability to obtain, perform under, and maintain financing and strategic agreements and relationships; our ability to attract, integrate, and retain key personnel; global demand for mineral resources; our need for substantial additional funds; government regulation; as well as other risks. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.