Last checked at 16 Jun 2020 07:00
Primorus Investments plc
("Primorus" or the "Company")
Greatland Gold Investment Update
Primorus Investments plc (AIM: PRIM, AQSE: PRIM) is pleased to provide an investor update regarding its current holding in Greatland Gold PLC ("Greatland") (AIM: GGP).
The Company announces that it has today completed a programme of sales of a total of 10,500,000 Greatland shares for gross proceeds of approximately £1,030,000 and retains a holding of 26,000,000 Greatland shares representing approximately 0.7% of the issued share capital of Greatland. This sales programme is part of the Company's disciplined approach to portfolio risk management and is not a reflection of its view as to the future value of the Havieron Project and remaining Greatland shares which remains unchanged from that stated in its announcement of 20 April 2020.
The board continues to believe that Havieron may constitute a Tier 1 gold discovery and with this sales programme now concluded, retains a shareholding with a mark-to-market value of circa £3.12m based on the closing market share price of 12p on Monday 15 June.
Back in late 2018, the Company took an investment position in Greatland based on a handful of what it believed to be exciting drill holes and a belief that Havieron may prove to be a meaningful deposit. As announced by Greatland, there is a rapid drill out of Havieron in progress by Australia's largest-listed gold miner, Newcrest Mining Limited (NCM.AX), of what the board of Primorus hopes may be a very significant gold and copper discovery.
The Directors intend to reinvest the proceeds of the share sales in accordance with the Company's stated investing policy.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: | +44 (0) 20 7440 0640 |
Alastair Clayton |
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Nominated Adviser: | +44 (0) 20 7213 0880 |
Cairn Financial Advisers LLP |
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James Caithie / Sandy Jamieson |
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Broker: | +44 (0) 20 3657 0050 |
Turner Pope Investments |
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Andy Thacker / Zoe Alexander |
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Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.