Evrima Plc Re. Conditional Investment Agreement
June 02 2021 - 2:00AM
UK Regulatory
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") OR EQUIVALENT, TRANSITIONAL REGULATIONS IN
THE UNITED KINGDOM. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
Evrima plc
AQSE: EVA
("Evrima" or the "Company")
Conditional Project Investment Agreement with Eastport Ventures Inc. over the
Selebi North & Keng Ni-Cu-PGM Projects
Particulars of the RIS Announcement
1. Eastport Ventures Inc.
2. Selebi North & The Keng Ni-Cu-PGM Projects
3. Conditional Project Investment Agreement
4. Releated Party Disclosure
5. Chairman's Statement
1. Eastport Ventures Inc.
Eastport Ventures is a company incorporated and registered in Ontario, Canada,
which was formed by seasoned explorers and corporates for the purpose of
identifying and evaluating mineral opportunities in Southern Africa, with a
specific geologic focus on Botswana. The commercial objective of the company
has been patiently to acquire and build a portfolio of advanced exploration and
investment opportunities at junctures in the resources demand cycle when
commodity markets were depressed. This covered a range of commodites that the
Eastport Ventures' team believed would attract capital investment upon an
upturn in global capital markets, coupled with a renewed appetite for
undervalued mining and exploration assets.
Eastport Ventures has hitherto amassed a portfolio of interests covering
copper, nickel, uranium, and diamonds; it has additionally created an internal
investment division that currently has a value in excess of C$1,000,000. The
mineral assets within Eastport Ventures have attracted an aggregate of over
USD$15,000,000 in both historic and current capital expenditure.
On March 24th 2021, Evrima plc entered a conditional investment memorandum with
Eastport Ventures Inc., as Eastport Ventures Inc. progresses to its own
respective IPO on a recognised investment exchange in the U.K. and prepares to
commence a 2,500m to 5,000m diamond drill programme on its Matsitama Copper
Project focusing initially on the highly prospective:
Phudulooga Target [Historic Drilling Returned]
* DS07-011 - 4.42% Cu, 5.94 g/t Ag over 3.3m at 24.1m depth
* DS07-012 - 3.36% Cu, 3.72g/t Ag over 3.4m at 85.8m depth
Nakalakwana Target [Historic Drilling Returned]
* NH-014 - 2.47% Cu over 10m at 65.9m depth
* NH-016 - 2.42% Cu over 5.26m at 60.4m depthThe Selebi North & The Keng
Nickel-Copper-PGM Projects ("The Projects")
2. Selebi North Project (Ni-Cu-PGM)
Eastport was awarded four contigueous prospecting licences (PLs) to the
immediate south and east of the BCL mining licence. The PLs cover 2091.8 km2
and were issued for an initial period of three years.
The PLs are located within the Phikwe Complex of the Limpopo Zone of north-east
Botswana. The licence geology comprises structurally complex sequences of the
PreCambrian banded gneiss formation; the host rocks of the former BCL
Selebi-Phikwe massive nickel-copper sulphide mine. Historical work within the
PLs located a number of sequence-specific nickel-in-soil anomalies.
Recently, Premium Nickel Resources (PNR) was awarded a six-month exclusive
right to undertake detailed due diligence and purchase aggreements for the
assets of the former BCL mine now in liquidation: PNR Awared Exclusivty to
Acquire BCL Assets. Evrima and Eastport are both shareholders of PNR providing
a complimentary risk off-set to the CES programme. Please refer to the
announcement Evrima plc made in respect of Premium Nickel Resources on 19th
February 2021.
The Keng Nickel-Copper Project
Eastport was awarded two contiguous PLs covering a major part of the northern
margin of the Molopo Farms Complex (MFC). The PLs cover 1,345 km2 and were
issued for an initial period of three years.
The PLs are located on the northern margin of the MFC, a large mafic-ultramafic
intrusive sequence, in a structurally complex area with interference by major
Limpopo faults and folded, reactive host rock sequences at the contact with the
MFC. Historical drilling within the PL's reported narrow widths up to 14.6% Ni.
Elsewhere in the MFC intersections of low grade nickel-copper-PGE's and gold
characterize the MFC as metal-rich. The project will persue a Norl'sk-Talnakh
or Voisey's Bay style feeder systems featuring massive sulphides.
Recent drilling by Kalahari Key Minerals, a share holding in the Evrima
investment portfolio, reported several nickel-rich intersections: Kalahari Key
Drilling Results. Kalahari Key is also in pursuit of a feeder style massive
sulphide deposit.
Confirmation of Prospecting Licence Grant: Selebi North & Keng
Eastport Ventures Inc., have confirmed that the PLs have been formally granted
by the Department of Mines in Botswana and as such, Evrima plc must now
determine the path for which they progress commercially.
3. Conditional Project Investment Agreement
Evrima plc and Eastport Ventures Inc. have been in frequent and ongoing
commercial discussions surrounding a partnership to advance a number of
prospective mineral opportunities in Botswana and an equity investment in
Eastport Ventures Inc.'s pre-IPO financing round. Evrima is pleased to announce
that the Company has entered a Conditional Project Investment Agreement ("The
Agreement") with Eastport Ventures Inc. over the Selebi North & The Keng
Nickel-Copper-PGM projects (together, the "Projects").
Terms of the Project Investment Agreement
* Evrima plc to conduct a 45-day due diligence period, over the Selebi North
& Keng Nickel-Copper Projects
* During this period the companies will evaluate a proposed schedule of works
that will commence in conjunction with the closing of the Agreement.
* Eastport Ventures Inc., has confirmed that it has completed considerable
technical evaluation and is planning a number of active exploration
programmes that should de-risk the project to a point of drill-ready status
* Should Evrima wish to proceed the Company shall have the right to earn an
investment interest equating to 25% of the Projects subject to certain of
the conditions of the Agreement being satisfied:
> Evrima to fund, $400,000 of qualifying exploration expenditures over the
Projects within 24-months of executing, the Agreement
> Evrima shall commit to a minimum of $150,000 in exploration expenditures
within 6 months of execution of the Agreement
> Upon completion of the requisite exploration expenditures, Evrima (subject to
all approvals) shall maintain a 25% Investment Interest in the Projects: Selebi
North & Keng Nickel-Copper-PGM
> On execution of the Agreement, Evrima shall be awarded, 1,000,0000 warrants
over Eastport Ventures Inc. shares with a striking price reflecting the pre-IPO
Investment Subscription Price, a life to expiry of 3 years, 500,000 warrants
shall vest upon the company satisfying the first 6 months of minimum
exploration expenditures, the balance (500,000 warrants) shall vest on
completion of the $400,000 qualifying expenditures under the terms of the
Agreement
> Upon satisfaction of the Agreement, Evrima shall have the right to maintain
its investment interest in the Projects on a standard fund or dilute basis
> Upon satisfaction of the Agreement, Evrima shall be awarded a 1% NSR over the
PLs that form the Projects.
4. Related Party Disclosure
Burns Singh Tennent-Bhohi is a Director & Shareholder of Evrima plc and the
Chief Executive Officer/Co-Founder and a shareholder of Eastport Ventures Inc.,
Mr Guy Miller is a Director and Shareholder of Evrima plc and a shareholder of
Eastport Ventures Inc.
Mr Rick Bonner, who holds in excess of 3% of Evrima plc, is also a shareholder
and Director of Eastport Ventures Inc., Mr Simon Bate who holds in excess of 3%
of Evrima plc, is also a shareholder of Eastport Ventures Inc.'s local
subsidiary in, in Botswana.
1. Executive Chairman, Simon Grant-Rennick, Statement
"The confirmation of the grants of the Selebi North & Keng Nickel-Copper-PGM
Prospecting Licences is a considerable moment for both Evrima and Eastport
Ventures Inc. a company in which we see considerable future value and potential
synergy.
Earlier this year, Evrima announced its investment in Premium Nickel Resources
(PNR) and the ambitions PNR have with BCL and the Selebi Phikwe Mining Complex,
the PL application grant generates immense optionality for Evrima moving
forward with equity exposure via our holding in PNR and the option, at our
election, to have direct investment exposure in a world renowned Nickel-Copper
mining district.
I have a particular appreciation and understanding of the significance for the
Selebi Phikwe Mining Complex, having been a senior participant for Falconbridge
International Limited in the negotiation/finalisation and execution of the
'Matte refininf and metals purchase agreement' in 1985.
I look forward to providing updates as the Company now formalises its next
steps under our investment agreement with Eastport Ventures Inc."
The Company,
London, 1st June 2021
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept responsibility for its content.
Enquiries
Company:
Burns Singh Tennent-Bhohi (CEO & Director)
burns@evrimaplc.com
Simon Grant-Rennick (Executive Chairman)
simon@evrimaplc.com
Guy Miller (Non-Executive Director)
guy@evrimaplc.com
Direct Office Line: +44 (0) 20 3778 1516
Keith, Bayley, Rogers & Co. Limited (AQSE Corporate Adviser):
Graham Atthill-Beck: +44 (0) 20 7464 4091; +44 (0) 7506 43 41 07; +971 (0) 50
856 9408; Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com
Peterhouse Capital Limited (Corporate Stockbroker):
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)
END
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