Eastinco Mining & Exploration PLc
Warrant conversion update
02 June 2020
The management "Concert Party". have exercised warrants accounting for approximately one-third of the total contributed consideration or approximately
As stated previously, the Company intends to use the capital:
1. To supplement the working capital to complete the wash plant, begin mining, and generate positive cash flows at the Kuaka mine site;
2. To reduce outstanding debt and/or payables to suppliers and/or company management;
3. For exploration work to identify the safest and most efficient sourcing of ore at both Kuaka and Huye sites;
4. To progress pending license applications on highly exciting prospective sites; and,
5. To establish reserve capital to ride out any demand or supply shocks from the COVID-19 situation.
This announcement was delayed to allow for the subscription by new shareholders. We anticipate that further warrant exercises may occur in the next few days and we will update shareholders and the market as to the exact number of new shares created accordingly.
We are extremely proud of the shareholder response to our request for warrant conversions by existing and new shareholders. We are excited to make progress and look forward to updating all shareholders over the course of 2020 as we target significant milestones including the wash plant completion and cash flow from operations.
Charles
Executive Chairman
Eastinco Mining & Exploration Plc: charles.bray@eme-plc.com
Charles
AQUIS EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott -Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street,
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[1] https://www.voxmarkets.co.uk/xsrns/799f0c5f-8f79-4881-a8e8-dceea3c35545/
[2] The Concert Party has been deemed to include the following parties: Charles Bray, Daniel Hogan, Edlin Holdings, Stephan Knoef, and Michael Staten.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the