Equatorial Mining – Issue of Equity

Issue of New Ordinary Shares and Trading Update

The Company announces that it has issued a total of 873,250,000 new ordinary shares of 0.01p as set out below:

Exercise of 0.01p warrants

The Company received warrant exercise notices and certificates on 6th December 2017.

As a result of the exercise of these warrants, EME has issued and allotted a total of 213,250,000 new ordinary shares at a price of £0.0001 (0.01p) per share.

Convertible loan notes

Pursuant to the convertible loan notes which were issued in various amounts since 2015, in compliance with the conversion terms that all must be converted into new ordinary shares of 0.01p by the end of 2017, EME has issued and allotted a total 610,000,000 new ordinary shares.

Three new investors remitted a total £15,000 during October and November in return for 150 million Convertible Loan notes which were converted as part of the 610 million shares mentioned above.

Additional fund raise

The Company has raised an additional £5,000 by way of a placing of 50,000,000 new ordinary shares of 0.01p with an existing shareholder, at a placing price of 0.01p (“Placing price”) per new ordinary share.

The new shares will rank pari passu with the Company’s existing ordinary shares.

The 873,250,000 new ordinary shares will be admitted to trading on NEX Exchange Growth Market on 11 December 2017.

As a result, the changes to the Company’s shares, warrants and convertible loan notes in issue are tabulated below:

Ord Shares of 0.01pWarrants to subscribe for ordinary shares at 0.01p by March 2018
Previously in issue6,058,941,6701,080,000,000
Currently in issue6,932,191,670966,750,000

Changes to the Directors’ stock interests are set out below:

Ord shares of 0.01p% of issued share capitalWarrants to subscribe for ordinary shares at 0.01p by March 2018Employee Benefits Trust under option at 0.01p per share
Nicholas Nelson393,500,0005.7190,000,000891,990,000
Simon Retter30,750,0000.430,000,000200,000,000

Shareholders with 3% or more of the issued share capital

Registered ShareholderShareholding% of enlarged share capital
First Names Trust Company Limited1,332,400,00019.2
JIM Nominees Limited1,178,811,66717.0
Pershing Nominees Limited890,533,33512.9
GTI International Limited800,000,00011.5
Spreadex Limited800,000,00011.5
WB Nominees Limited218,500,0003.1
Christopher Potts250,000,0003.6


Trading Update

The Company provided its last trading update on the 19th September as part of the interim results.

Since that time progress has continued and EME reports that the St Leonard Mine started excavation during November and is hoping to commence the sale of coal during December to a customer in the local ceramics industry. This customer has indicated an initial demand of 7000 tonnes per month.

Once EME considers that it is successfully mining and delivering, it hopes to widen the list of potential buyers to capitalise upon the mine’s expected capacity of up to 20,000 tonnes per month, subject to further investment.

A further update will be provided at the time of the Company’s publication of final results expected in March 2018.


Equatorial Mining & Exploration Plc:
Nicholas Nelson, Executive Chairman
NEX Exchange Adviser and Broker

Alexander David Securities

James Dewhurst

+44 (0) 207 448 9820

The Directors take responsibility for this announcement.