1st June 2018
Equatorial Mining & Exploration Plc ("EME" or the "Company")
Commencement of Negotiations with Significant Investor
and Suspension of Trading
The Company is delighted to announce that it has signed a heads of terms agreement with a South African mining company, ARQ Minerals (Pty) Limited ("ARQ") which has substantial mining interests. Having identified
ARQ has executed a placing letter committing to an investment
About ARQ
ARQ has a history of some twenty years in mining. It manages over 100 million tonnes of steam coal and anthracite assets across
Planned further Share Issues
In preparation for the planned investment agreement with ARQ, the Company has advanced discussions with the holders of loans and long term debt with a view to an exchange into ordinary shares. This is designed to leave the company entirely debt free.
Suspension of Trading
It is expected that the discussions with ARQ will result in a significant transaction and a delay to the publication of annual accounts. The publication of accounts will be timed to coincide with the planned investment agreement and the subsequent lifting of today's suspension.
Enquiries:
Equatorial Mining & Exploration Plc: |
nelson@nexfin.org.uk |
NEX Exchange Adviser and Broker Alexander David Securities James Dewhurst |
+44 (0) 207 448 9820
|
The Directors take responsibility for this announcement.
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