Last checked at 7 Jan 2020 07:00
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Notice of AGM and General Update
George Town, Cayman Island - 7 January, 2020 - Mineral & Financial Investments ("M&FI" or the "Company"), the AIM quoted resources investment company, has confirmed it has dispatched documents to convene its Annual General Meeting (AGM) at 10am on January 27, 2020, at W.H. Ireland's offices - 24 Martin Lane, London, EC4R 0DR, United Kingdom. The documents associated with the AGM have been posted today. These documents will also be available on our website (www.mineralandfinancial.com).
As previously announced M&FI currently owns 75% of Redcorp Empreedimentos Mineiros Lda. The Preliminary Economic Assessment of Redcorp's Lagoa Salgada polymetallic deposit is expected to be available in January 2020. The PEA, initially expected to be completed in October 2019, is being prepared by Redcorp and Ascendant Resources and their consultants. In accordance with the terms of the earn-in agreement (see announcements dated 2 August 2018 and 26 November 2019) Mineral and Financial Investments through its wholly owned subsidiary T H Crestgate ("THC") has now received a cash payment of US$500,000 from Ascendant Resources, representing the third payment due to MAFL. Under the Earn-In Agreement Ascendant can earn up to 80% ownership of Redcorp by completing US$9,000,000 of exploration work on the Lagoa Salgada project. Additionally, Ascendant must make payments totalling US$6,000,000 to THC, of which $1,000,000 has now been received. The full details of the earn-in agreement are set out in the announcement dated 2 August 2018.
FOR MORE INFORMATION:
James Lesser, Mineral & Financial Investments Ltd. +44 777 957 7216
Katy Mitchell, WH Ireland Group Limited +44 161 832 2174
Jon Belliss, Novum Securities Limited +44 207 399 9400
Notes to Editors:
Mineral and Financial Investments Limited is a Cayman Island based investment company quoted on AIM, a market of the London Stock Exchange. M&FI has 20 investments in the natural resource sector with the majority in the metals and minerals sector and has about 29% of its investment portfolio in precious metal investments. M&FI's Net Asset Value per share (NAVPS) is 15.15p, as of September 30, 2019. M&FI's NAVPS has risen at a Compound Annual Growth Rate (CAGR) of 34.1% over the past 5 years.