Mise à jour du premier trimestre, placement de capitaux propres et offre de détail
Emmerson PLC / Symbole : EML / Indice : AIM / Secteur : Mines
8 Avril 2024
Emmerson SA
("Emmerson" or the "Company")
Q1 2024 update, US$2.175 million Equity Placing with Strategic Investors & Retail Offering
Emmerson, the Moroccan focused potash development company, is pleased to provide an update on its activities in Q1 2024 in relation to its 100% owned Khemisset Potash Project ("Khemisset" ou la "Projet"), and has announced it has raised US$2.175 million from the issuance of new ordinary shares ("Partages") to its strategic investors. In addition, the Company will shortly launch a retail offer to existing shareholders on the REX platform.
Mise à jour T1 2024
Approbation environnementale
On 11 March 2024, the Company announced that the Commission Ministérielle de Pilotage (« Comité Ministériel » ou le « Comité »), à qui la Société a transmis la décision du Commission Régionale Unifiée d'Investissement ("CRUI") regarding the Project's environmental approval in July 2023, had upheld the Company's referral and asked that the matter be returned to the CRUI for reconsideration.
As part of this, the Committee invited the Company to resubmit an Environmental Impact Assessment ("EIA"), including any environmental optimisations. The Company and its consultants have therefore been preparing a revised EIA to address the concerns previously raised by the CRUI including the improvements arising from the Khemisset Multi-mineral Process ("KMP"), and this document will be submitted in the coming days.
The Company believes that the improvements resulting from the incorporation of the KMP into the design, notably the reduction in water consumption and the elimination of brine disposal, are considerable, and address the major concerns related to water identified by the CRUI. Whilst the Company considers that its previous EIA was adequate and met all relevant criteria required by the CRUI and other relevant authorities, it is excited to introduce its new proprietary KMP technology into the development of the Project.
The CRUI is expected to review the EIA submission, particularly focusing on the amendments, over the coming weeks, and any updates will be announced in due course.
KMP
On 1 February 2024, the Company announced that it had completed a scoping study on a new processing route known as KMP. Full details of the benefits of KMP can be found in the announcement from that date which is available ici.
US$2.175 million subscription with GSM and GQC
Emmerson is pleased to announce that it has entered into a subscription agreement with Global Sustainable Minerals Pte Ltd ("GSM") and Gold Quay Capital Pte Ltd ("GQC") (ensemble le "Investisseurs stratégiques"), whereby GSM will subscribe for US$2.0 million of new Shares and GQC will subscribe for US$175k of new Shares, at a placing price of 1.75 pence per Share (the "Placing Price"). The Placing Price represents a discount of 16.4% to the Company's 5-day VWAP of 2.09 pence.
Pursuant to legally binding subscription agreements, GSM has subscribed for 90,702,948 Shares and GQC has subscribed for 7,936,508 Shares at the Placing Price (the "abonnements"). On completion of the Subscriptions, GSM and GQC will be beneficially interested in 20.30% and 2.64% respectively of the Company's issued share capital.
In addition, the Strategic Investors will receive a warrant to subscribe for new Shares ("Mandats") for each Share subscribed for pursuant to the Subscription Agreements. The Warrants have an exercise price of 3 pence and an expiry date of 31 December 2024.
GSM Board Seat
On completion of the Subscriptions, and as a result of its shareholding exceeding 20%, GSM will have the right to appoint a representative to Emmerson's board of directors, under the terms of the relationship agreement signed in November 2021 between the Company and GSM. GSM have indicated to Emmerson that they intend to exercise this right and details of any appointment, which will be subject to the usual regulatory approvals, will be announced in due course.
Utilisation du produit
The funds will be utilized by the Company to advance its studies in respect of KMP towards feasibility level alongside the progression of the EIA process in Morocco, as well as for general working capital requirements.
Retail Offer on REX platform
To enable the Company's existing shareholders to participate at the same Placing Price, the Company intends to make an offer of Shares at a price of 1.75 pence per Share available on the REX platform (the "Retail Offer"). The Retail Offer will be the subject of a separate announcement to be made shortly.
Graham Clarke, PDG d'Emmerson, a commenté : "Following the news last month that the Ministerial Committee had upheld the referral of our environmental approval, we have been working to update the EIA to incorporate the various improvements that the KMP has enabled. While we maintain the previous EIA submission was adequate, we believe this, in addition to the previous optimisations, makes the revised EIA even more environmentally robust, and addresses all material concerns related to water that have been raised in the past.
"The US$2.175 million subscription with our Strategic Investors is a sign of their continued support for the Project. In September 2023, we announced to the market that the original funding agreement from 2021 was no longer suitable, and had been allowed to expire, but that GSM, as our largest shareholder, remained supportive. By providing this additional funding alongside GQC, even ahead of environmental approval, GSM has demonstrated their confidence in the Project, and particularly in the advantages of the KMP.
"This cornerstone funding has strengthened our balance sheet, thus allowing us to continue our work advancing the KMP towards Feasibility Level, while we work with the authorities to obtain the approval for the EIA. We are also pleased to offer shares at the same placing price to existing investors via the REX platform, should they wish to participate.
"Khemisset is a world-class potash project, but with the addition of the KMP processing route, it represents a truly unique multi-nutrient producer. By offering a full suite of fertilisers containing potash, phosphates, and nitrogen, as well as magnesium and iron, all from a single deposit, it represents a solution to the challenges of food security and African self-reliance, unlike any other mine in the world."
Mark Zhou, CEO of GSM, said: "We are delighted to be able to demonstrate our commitment to Khemisset, which we believe is an outstanding project. We look forward to working even more closely with the Emmerson team in the future."
Admission d'Actions
Application will be made for the Shares issued pursuant to the Subscriptions and those Shares to be issued pursuant to the Retail Offer (together the "Actions de collecte de fonds") pour être admis à la négociation sur l'AIM ("Admission"). Admission is expected to occur at 8.00h22 le 2024 avril XNUMX. The Fundraising Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the Company's existing issued Shares.
The Company will provide an update as to Total Voting Rights, and to confirm the timing of Admission, following the completion of the Retail Offer.
Transaction avec des parties liées
By nature of the Substantial Shareholding (as defined by the AIM Rules for Companies) in the Company, GSM's participation in the Subscriptions constitutes a related party transaction for the purposes of the AIM Rules for Companies. The directors consider, having consulted with Liberum, the Company's nominated adviser, that the terms of the Subscription are fair and reasonable insofar as the Company's shareholders are concerned.
Divulgation de la réglementation sur les abus de marché (MAR)
Cette annonce contient des informations privilégiées aux fins de la réglementation britannique sur les abus de marché et les administrateurs de la Société sont responsables de la publication de cette annonce.
**PREND FIN**
Pour plus d'informations, s'il vous plaît visitez www.emmersonplc.com , suivez-nous sur Twitter (@emmerson_plc), ou contactez :
Emmerson SA Graham Clarke/Jim Wynn/Charles Vaughan
| + 44 (0) 207 138 3204 |
Liberum Capital Limited (conseiller désigné et co- Broker) Scott Mathieson / Matthew Hogg | + 44 (0) 20 3100 2000 |
Shard Capital (Conjoint Broker) Damon Heath / Isabelle Pierre | + 44 (0) 20 7186 9927
|
BlytheRay (RP financières et IR) Tim Blythe / Megan Ray / Saïd Izagaren
| + 44 (0) 207 138 3204 |
Notes aux rédacteurs
Emmerson se concentre sur l'avancement du projet Khemisset (« Khemisset » ou le « Projet ») au Maroc pour en faire un fournisseur de potasse à faible coût et à marge élevée, et le premier producteur primaire du continent africain. Avec une durée de vie initiale de 19 ans, le développement de Khemisset devrait apporter des investissements et des contributions financières à long terme au Maroc, notamment la création d'emplois permanents, la fiscalité et une pléthore d'avantages accessoires. En tant que partenariat entre le Royaume-Uni et le Maroc, la société s'engage à attirer des investissements internationaux importants pendant la durée de vie de la mine.
Le Maroc est largement reconnu comme l’un des principaux producteurs de phosphate au monde, se classant au troisième rang mondial en termes de tonnes produites annuellement, et le développement de cette mine devrait consolider sa position de plus important producteur d’engrais en Afrique. Le projet a une grande estimation de ressources JORC (2012) de 537 Mt à 9.24 % K2O, avec un potentiel d'exploration important, et est parfaitement situé pour soutenir la croissance attendue de la consommation d'engrais en Afrique tout en étant également situé aux portes des marchés européens. La nécessité de nourrir une population mondiale en croissance rapide stimule la demande de potasse et Khemisset est bien placé pour bénéficier des opportunités que cela présente. L'étude de faisabilité publiée en juin 2020 a indiqué que le projet a le potentiel de figurer parmi les projets de potasse au stade de développement aux coûts d'investissement les plus bas au monde et également, en raison de son emplacement, l'un des projets à marge la plus élevée. Cela a donné lieu à des résultats économiques exceptionnels, notamment une VAN après impôts8 d'environ 1.4 milliard de dollars américains en utilisant les prévisions de prix de l'expert industriel Argus.
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