Evrima Plc Investment in Eastport Ventures, Inc; Maiden Drill
August 19 2021 - 9:21AM
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 AMENDED ("MAR") WHICH IS, BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, PART OF UNITED KINGDOM LAW. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Evrima plc
AQSE: EVA
("Evrima" or "the Company")
Evrima plc Completes Initial Investment in Eastport Ventures Inc. & Eastport
Ventures Inc. Commences Maiden Drill Campaign at Jwaneng
Particulars of the RIS Announcement
1. Eastport Ventures Inc. ("Eastport Ventures") Overview
2. Eastport Ventures Commences Maiden Drill Campaign at Jwaneng North
3. Evrima plc complete initial investment acquiring 1.62% of Eastport and
secure an exclusive subscription agreement to increase the company's
ownership for a period of 45 business days
4. Related Parties Disclosure
5. Chairman's Statement
1. Eastport Ventures Overview
Eastport Ventures is a company incorporated and registered in Ontario, Canada,
which was formed by seasoned explorers and corporate investors for the purpose
of identifying and evaluating mineral opportunities in Southern Africa, with a
specific geologic focus on Botswana. The commercial objective of Eastport
Ventures has been patiently to accumulate 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 commodities 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 spanning
copper, nickel, uranium, and diamonds; it has additionally created an internal
investment division that currently has a value in excess of C$2,500,000. 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, as previously announced, Evrima entered into a conditional
investment memorandum with Eastport Ventures as the latter progresses to its
own IPO on a recognised investment exchange; Eastport Ventures has commenced
its maiden drill campaign at Jwaneng and prepares to follow up with 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 depth
2. Eastport Ventures Commences Maiden Drill Campaign at its Jwaneng
North Diamond Project
Eastport Ventures is pleased to announce that drilling has commenced at its
wholly owned Jwaneng North Project to the immediate north of Debswana's Jwaneng
Diamond Mine in South Central Botswana. A two-hole, 600m programme will sample
two separate kimberlites; the Kgare & EVB04.
Following geological work on the core, split samples will be sent to SRC in
Canada for diamond recovery and indicator chemistry studies. The first hole is
planned to a depth of 400m; presently it is at 196m and in kimberlite.
The programme is expected to end in later this month (August, 2021). An update
on the diamond results will be provided on completion of the programme. iQuest
consulting Ltd is supervising the drilling and monitoring compliance with
national Covid-19 procedures. Access, water, and environmental agreements and
permits are also in place and are being closely monitored.
A short video of the drill and core photos are available on the Eastport
Ventures social media sites (Instagram: EastportV and Twitter: @EastportV) and
website Eastport Ventures and also on the Evrima website Evrima plc and social
media feed.
3. Evrima completes initial investment acquiring 1.62% of Eastport
Ventures and secures an exclusive subscription agreement to increase
its investment interest for a period of 45 business days
Following the Company's commissioning of an independent valuation opinion of
Eastport Ventures, Evrima has acquired 1.62% of Eastport Ventures through a
subscription for new ordinary shares ("Shares") of Eastport Ventures. Evrima
has subscribed for 523,667 units in this pre-IPO financing with each unit
having a subscription price of $0.30¢ and consisting of one Share and one
subscription warrant ("Warrant"). The attaching Warrants shall have a strike
price of $0.60¢ and a life to expiry of five years.
The Company has also secured an exclusive subscription agreement that entitles
Evrima to subscribe for up to a further 2,000,000 Shares on like terms for a
period of 45 business days from the date of this announcement.
This pre-IPO round in which the Company has participated is to capitalise the
Jwaneng Diamond programme (currently drilling) and a subsequent 2,500 - 5,000m
diamond drillig campaign at the Matsitama Copper Project, for which
preparations are underway, with a scheduled start date of late-September 2021.
4. Related Parties Disclosure
Mr. Burns Singh Tennent-Bhohi is a Director and shareholder of Evrima, and is
the Chief Executive Officer/Co-Founder and a shareholder of Eastport Ventures,
Mr Guy Miller is a Director and shareholder of Evrima and a shareholder of
Eastport Ventures.
Mr Rick Bonner, who holds in excess of 3% of Evrima, is also a shareholder and
Director of Eastport Ventures Inc., Mr Simon Bate, who holds in excess of 3% of
Evrima, is also a shareholder of Eastport Ventures' local subsidiary in
Botswana.
5. Simon Grant-Rennick, Chairman's, Statement
"We have been in advanced commercial discussions with Eastport Ventures for a
number of months. Our focus has been on evaluating the underlying assets and
Eastport Ventures' development objectives. We note that Eastport Ventures'
investment portfolio has seen an increase in value during our review, with one
investment position posting an increase of in excess of 40-times the original
cost.
Eastport Ventures is now entering an extremely active period of exploration as
it commences its maiden drill campaign at Jwaneng North, a diamond project
adjacent to the Jwaneng Mine owned by Debswana where, earlier this year, the
third-largest Diamond discovery in Botswana was found. This project has
attracted interest from major mining institutions, with certain of which
discussions are ongoing.
On completion of its drilling programme at Jwaneng, Eastport is also scheduled
to undertake a 2,500m - 5,000m diamond drilling programme at the Matsitama
Copper Project, where historic drill intercepts report copper grades in excess
of 4% over mineable widths and depths.
I look forward to updating the market on the developments with our new investee
as it seeks to augment the value of its underlying assets through strategic
exploration and development as it works to consummate a going-public
transaction, the current preference being for a reverse takeover or initial
public offering on a recognised investment exchange."
London, 19th August 2021
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
Keith, Bayley, Rogers & Co. Limited (AQSE Corporate Adviser):
Graham Atthill-Beck: +44 (0) 7506 43 41 07; 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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