Last checked at 6 Dec 2021 12:31
Emmerson Plc / Ticker: EML / Index: LSE / Sector: Mining
6 December 2021
Emmerson Plc ("Emmerson" or the "Company")
Result of General Meeting
Emmerson Plc ("Emmerson" or "the Company"), the Moroccan focused potash development company, is pleased to announce that at the Company's General Meeting held earlier today, all of the resolutions proposed were duly passed.
Accordingly, and as set out in the announcement dated 10 November 2021, the Company now has the requisite authority to issue the Conversion Shares, the Warrant Shares and the Interest Shares in conjunction with the Company's strategic investment of up to US$46.75 million.
Capitalised terms used in this announcement have the meanings given to them in the Strategic Investment announcement published by the Company on 10 November 2021.
The documents relating to the General Meeting are available to view on the Company's website:
www.emmersonplc.com/investors/corporate-documents/
**ENDS**
For further information, please visit www.emmersonplc.com, follow us on Twitter (@emmerson_plc), or contact:
Emmerson Plc Graham Clarke
| +44 (0) 20 7236 1177
|
Shore Capital (Nominated Adviser and Joint Broker) Toby Gibbs / John More (Corporate Advisory)
| +44 (0)20 7408 4090
|
Shard Capital (Joint Broker) Damon Heath / Isabella Pierre
| +44 (0)20 7186 9927
|
St Brides Partners (Financial PR/IR) Susie Geliher / Isabel de Salis
| +44 (0)20 7236 1177
|
Notes to Editors
Emmerson's primary focus is on developing the Khemisset project ("Khemisset" or the "Project") located in Northern Morocco. The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K2O and significant exploration potential with an accelerated development pathway targeting a low capex, high margin mine. Khemisset is perfectly located to capitalise on the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. This unique positioning means the Project will receive a premium netback price compared to existing potash producers. The need to feed the world's rapidly increasing population is driving demand for potash and Emmerson is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated Khemisset has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. This delivered outstanding economics including a post-tax NPV10 of approximately US$1.4 billion using industry expert, Argus', price forecasts.