TIDMEVA
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY EVRIMA PLC TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014, AS AMED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
30th September 2022
Evrima PLC
("Evrima" or the "Company")
AQSE: EVA
Interim Results For The Six Months Ended 30 June 2022
Evrima plc the investment issuer focused on opportunities within the
commodities, mineral exploration and development sectors is pleased to announce
its unaudited interims results for the six months ended 30 June 2022 and a
summary of key events, post reporting period end to September 2022.
Chief Executive Officer, Burns Singh Tennent-Bhohi commented,
"We are living through quite extraordinary times in global financial markets.
The world is gripped by a myriad of complex economic & geo-political problems
that shine light on our dependency on globalisation and how challenging
deglobalisation and realistic closed economic models are.
This palpable shift is being felt by the consumer and general public, resulting
in an acute disconnect between monetary and fiscal policy after more than 10
years of monetary policy dominating financial market capital inflows.
Evrima, as an investment issuer has always been focused on investing in asset
classes that the Board believes perform best in economic circumstances such as
those we are experiencing presently.
I am pleased to report that the company and its underlying investees continue
to make strong developments with a focus on timing and liquidity events. Most
notably our first liquidity event through our investment in Premium Nickel
Resources Ltd was achieved post period end."
Highlights to the period ended 30 June 2022 Include:
Premium Nickel Resources Ltd ("PNR")
* In February 2022, PNR completes the purchase of Selebi and Selebi North
Mines in Botswana with the liquidator of BCL Limited. The transfer of
ownership to PNR of the Selebi Mines and related infrastructure has been
finalized and exploration activity commences.
* In February 2022, PNR executes a definitive asset purchase agreement with
the liquidators of Tati Nickel Mining Company to acquire the Selkirk
Nickel-Copper-Cobalt-Platinum Group Metals Mine and surrounding prospecting
licenses and infrastructure formerly operated by Tati Nickel Mining
Company.
* In February 2022, PNR enters Non-Binding LOI for Reverse Takeover of TSX-V
listed North American Nickel (TSX-V: NAN).
* In April 2022, North American Nickel (TSX-V: NAN) & Premium Nickel
Resources Execute Definitive Agreement for business combination by way of
Reverse Takeover.
Eastport Ventures Inc. ("EV" or "Eastport")
* Evrima completed its initial investment in Eastport on 19 August 2021, per
the announcement that can be viewed here. Evrima first subscribed in
Eastport for 523,667 units, with each unit having a subscription price
of $0.30 and consisting of one common share and one subscription warrant,
such warrants having a strike price of $0.60 and a life to expiry of five
years.
* By way of conversion of a debt-to-equity agreement, the Company acquired a
further 1,854,211 common shares in Eastport at a subscription price of
$0.30. Subsequently, Eastport and Evrima agreed to cancel the 523,667
warrants that had been issued in August 2021, and instead issue Evrima with
1,000,000 replacement warrants over common shares, with a strike price of
$0.10 per share. As a result of recent developments in Eastport, the
Company has chosen to exercise its entire holding of 1,000,000 warrants at
$0.10 per share.
* Accordingly, Evrima's resulting holding in Eastport is 3,377,888 common
shares, being 6.85% of the issued share capital in Eastport, and acquired
at a blended average purchase price of CAD$0.23 per share.
Kalahari Key Mineral Exploration Company (Pty) Ltd ("KKME" or "Kalahari Key")
* In November 2021, London-listed Kavango Resources plc (LSE: KAV) entered an
option agreement with Kalahari Key to acquire up to 51.5% of Kalahari Key
from existing shareholders. The company elected to support the transaction
but opt to retain its equity interest in Kalahari Key and become subject to
a Joint-Venture with Kavango Resources and the remaining interested parties
including, AIM-Listed (and largest shareholder of Kalahari Key), Power
Metal Resources plc (AIM: POW).
* In March 2022, Kavango formally terminated their option agreement with
Kalahari Key due to factors including insufficient support of certain of
the shareholders of Kalahari Key.
* In May 2022, AIM-listed Power Metal Resources plc (AIM: POW) entered a
conditional acquisition agreement with Kalahari Key (supported by all the
underlying shareholders of Kalahari Key) that if approved would result in
Power Metal Resources owning 87.71% of Kalahari Key. Consistent with the
Company's intention, Evrima elected to retain its equity interest in
Kalahari Key which if the transaction completes would result in Evrima
owning 8.93% of Kalahari Key and entering a shareholder agreement with all
parties to govern among a number of items, the capitalisation structure
moving forward.
Highlights Post Period End to September 2022
Premium Nickel Resources Ltd ("PNRL" or "Premium Nickel")
* In August 2022, PNRL completed the Reverse Takeover and business
combination and was readmitted to the TSX-V as Premium Nickel Resources Ltd
(TSX-V: PNRL)
* Evrima holds 1,114,115 shares in the Resulting Issuer (PNRL) at an average
entry price of $0.21c (Cost of investment: C$220,646.95), in August the
shares reached a high of in excess of $2.50 per share CAD. As at 29
September 2022, the shares closed at $1.28 CAD.
* In August 2022, PNRL announce first Assay Results from Selebi, reporting
25.65m of 2.03% Cu & 0.95% Ni.
* In August 2022, PNRL announce the completion of its acquisition of the
Selkirk Mine
Eastport Ventures Inc. ("EV" or "Eastport")
* Concurrent with Evrima realising its first liquidity event in PNRL going
public by way of an RTO. Eastport, a significant seed investor in PNRL
announced its holding of 2,898,500 shares in TSX-V: PNRL posting a return
of in excess of 11,000% on first day of dealings
* In August 2022, Eastport announced its commencement of an exploration
campaign at its 100%-owned Selebi Copper Project. The project is located to
the southeast of Premium Nickel Resources Ltds Selebi & Selebi North Mines.
The Eastport programme will initially focus on soil sampling in areas
deemed favourable for mineral deposits recognized during the first phase of
exploration; airborne re-processing and archive research. A regional stream
sampling survey is also planned.
The programme, scheduled for Q3-4 of this year, will focus on with areas of
coincident historic soil and electromagnetic ("EM") signatures for example in
the Tuni area ("Tuni"). There, the targets are associated with coincident
folded mafic/ultramafic geology, anomalous copper and/or nickel in soils and
weak to moderate airborne conductors. A historic drill result in the Tuni area
(Tsetsejwe East target) reported: 1.1% Cu in brecciated ultramafic.
In the Kwena area, an EM anomaly is associated with a 2.4km long nickel and
copper soil anomaly. Drilling within this anomaly intersected 18m of copper and
nickel mineralized mafic/ultramafic rock grading up to 0.9% Cu and 0.24% Ni.
Many other anomalous areas were revealed in the research and each will be
considered for follow up during the next six to twelve months..
* After extensive negotiations in September 2022, Eastport announced that it
has entered a LOI with TSX-V listed Auston Capital Corp, for a proposed
business combination.
Subject to completion of satisfactory due diligence, the LOI contemplates
that Auston and Eastport will negotiate the principal terms of the proposed
transaction under which all of the issued and outstanding securities of
Eastport will be exchanged for securities of Auston on a to be determined
basis. The terms and conditions outlined in the LOI are non-binding on the
parties. The proposed transaction would be structured as a three-cornered
amalgamation, plan of arrangement or other structure based on the advice of
the parties' respective advisers and taking into account various
securities, tax, operating and other considerations. The board of Auston
cannot confirm the exact number of consideration shares that would be
issued to the shareholders of Eastport until such time as Auston and
Eastport have negotiated and settled the principal terms of the proposed
transaction, at which time the parties will enter into a definitive
agreement in respect of the proposed transaction. There can be no assurance
that a definitive agreement will be negotiated or entered into.
Kalahari Key Mineral Exploration Company (Pty) Ltd ("KKME" or "Kalahari Key")
* In September 2022, Power Metal Resources plc (AIM: POW) announced
commencement of an inaugural diamond core drill campaign at Kalahari Keys
Molopo Farms Nickel-Copper-PGM project.
Drill Programme
* Diamond core drilling at drillhole DDH1-6B is now underway and is targeting
a large southerly dipping conductor that was identified by the Company's
recently completed moving loop electromagnetic ("MLEM") geophysics survey
over the priority Target area 1-6 ("T1-6").
* DDH1-6B is located 530m to the south of December 2020 drill hole KKME 1-6
which intersected significant nickel mineralisation 1, 2 subsequently
interpreted to be on the edge of a large electromagnetic ("EM") conductor.
* The second diamond core drillhole DDH 1-6C planned for the ongoing drilling
campaign will be located 830m to the south of KKME1-6. Site preparations
are underway and will be completed shortly.
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept responsibility for its content.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Company:
Burns Singh Tennent-Bhohi (CEO & Director)
burns@evrimaplc.com
Simon Grant-Rennick (Executive Chairman)
simon@evrimaplc.com
Novum Securities Limited (Corporate Adviser):
David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400
Peterhouse Capital Limited (Corporate Stockbroker):
Lucy Williams: +44 (0) 20 7469 0930
Income Statement for the 6 months ended 30 June 2022
30 June 2022
Unaudited 31 December 30 June 2021
2021 Unaudited
Audited
£ £ £
Revenue 5,250 - -
Administrative expenses (84,379) (274,780) (85,541)
Fair value movement (19,206) 1,338,384 47,811
Loss on sale of fixed asset investment - - -
Interest payable and similar expense - - -
Profit/(loss) before taxation (98,379) (1,063,604) (133,352)
Taxation - (135,958) -
Profit/(Loss) for the period (98,379) (927,646) (133,562)
Basic earnings per share (0.001) 0.02 (0.001)
Diluted earnings per share (0.001) 0.01 (0.001)
Balance Sheet as at 30 June and 31 December
30 June 31 December 30 June
2022 2021 2021
Unaudited Audited Unaudited
£ £ £
Fixed Assets
Tangible assets - - -
Investments 2,172,417 1,814,387 391,094
2,172,417 1,814,387 391,094
Current assets 39,133 35,604 -
Investments
Trade and other receivables 27,784 376,059 72,325
Cash and cash equivalents 1,307 106,119 14,130
68,224 517,782 81,576
Creditors: amounts falling due (89,419) (92,567) (152,161)
within one year
Deferred tax (135,958) (135,958) -
2,015,264 2,103,644 325,387
Total Assets less current
liabilities
Capital and reserves
Called up share capital 244,068 244,068 229,667
Share premium account 1,360,029 1,360,029 673,448
Other reserves 44,100 44,100 27,821
Profit and loss reserve 367,068 455,447 (605,549)
Total equity 2,015,264 2,103,644 325,387
Statement of Changes in Equity as at 30 June
Share Share Other Profit and
loss
capital premium Reserves Reserves Total
£ £ £ £ £
Balance at 1 January 21 229,668 673,448 27,821 (472,199) 458,738
Issue of share capital 14,400 686,581 - - 700,981
Other income - - 16,279 - 16,279
Loss for the period - - - 927,646 927,646
Balance at 31 Dec 21 244,068 1,360,029 44,100 445,447 2,103,644
Balance at 1 January 22 244,068 1,360,029 44,100 445,447 2,103,644
Issue of share capital - - - -
Loss for the period - - - (98,379) -
Balance at 30 June 2022 244,068 1,360,029 44,100 (367,068) 2,015,264
END
(END) Dow Jones Newswires
September 30, 2022 11:56 ET (15:56 GMT)
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