17 June 2020
The management "Concert Party" deemed to include Charles Bray, Edlin Holdings, Mike Staten, Daniel Hogan, and Stephan Knoef have exercised warrants accounting for approximately one-third of the total contributed consideration of
Following the conversion of 15,905,500 warrants the Concert party now holds 88,807,084 shares in the enlarged company, which represents 21.2% of the enlarged company.
Concert party holding:
|
Existing holding |
Warrant Exercise |
Stock purchase |
Total holding |
|
Mike Staten |
15,765,000 |
|
1,500,000 |
17,265,000 |
4.12% |
Charles |
120,000 |
|
1,500,000 |
1,620,000 |
0.39% |
Edlin Holding |
18,000,000 |
6,000,000 |
|
24,000,000 |
5.73% |
Stephan Knoef |
18,000,000 |
4,056,000 |
|
22,056,000 |
5.26% |
Daniel Hogan |
18,000,000 |
5,849,500 |
|
23,849,500 |
5.69% |
|
69,885,000 |
|
|
88,790,500 |
21.19% |
|
|
|
|
|
|
*Edlin Holding is deemed under the control of Mr. |
|
|
|
The company has also issued 7,000,000 shares to professional advisors and service providers.
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. The parent PLC company will refrain from paying any management salaries until the company is able to produce cash flows;
3. For exploration work to identify the safest and most efficient sourcing of tantalum, tin, and tungsten 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 shocks from the COVID-19 situation.
The 55,713,333 new Ordinary Shares resulting from the warrant exercise and the share issuance will be admitted to trading on Acquis Exchange on or around the 27th June 2020.
Following the share issuance, the issued share capital of the Company will increase to 418,963,829 Ordinary Shares of
The directors of Eastinco Mining and Exploration Plc accept responsibility for this announcement.
"We are pleased to have closed this funding round and are proud of the support we have seen from our existing holders who were prepared to follow their money and exercise their warrants.
Mike Staten
Executive Director
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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