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DJ Equatorial Mining & Exploration PLC Corrected Announcement

TIDMEM.P

RNS Number : 5026X

Equatorial Mining & Exploration PLC

10 August 2018

10(th) August 2018

Equatorial Mining & Exploration Plc ("EME" or the "Company")

CORRECTED ANNOUNCEMENT

Further to the announcement of 3(rd) August which discloses the issue of new shares in the amount of 2,685,112,325, this number is incorrect and the correct number of new shares issued was 2,786,331,837. The corrected announcement is set out below.

Issue of New Ordinary Shares and Warrants to subscribe for Ordinary Shares

Directorate Appointment

Further to the announcement made on 17(th) July 2018 where the Company disclosed that as part of its commitment to rid the Company of its legacy debt, instructions had been provided to the Company's registrars which would lead to a significant issue of new ordinary shares. The Company also disclosed the planned issue of shares to ARQ Minerals (Pty) Limited ("ARQ") as part of the investment agreement, also announced on 17(th) July.

Accordingly the Company announces the issue of a total 2,786,331,837 new ordinary shares of 0.01p.

In the interests of clarification, the above action removes unpaid directors fees, private loans (other than a continuing private investor loan of GBP60,000) and the convertible loan notes which were in issue.

The new shares will rank pari passu with the Company's existing ordinary shares and will be admitted to trading on NEX Exchange Growth Market on 4(th) August 2018.

Issue of Warrants to subscribe for ordinary shares to ARQ

As part of the aforementioned investment agreement with ARQ; the Company has issued 500,000,000 warrants to subscribe for ordinary shares at 0.02p (GBP0.0002) with an expiry date of 25(th) May 2021.

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

 
                  Ord Shares       Warrants to subscribe   0.41p Convertible 
                   of 0.01p         for ordinary            loan notes 
                                    shares at 0.02p 
 Previously in 
  issue            7,622,191,670                       0           GBP40,000 
                 ---------------  ----------------------  ------------------ 
 Currently in 
  issue           10,408,523,507             500,000,000                   0 
                 ---------------  ----------------------  ------------------ 
 

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

 
                    Ord shares    % of enlarged    Employee Benefits 
                     of 0.01p      share capital    Trust under 
                                                    option at 0.01p 
                                                    per share 
 Nicholas Nelson    545,939,024              5.2         891,990,000 
                   ------------  ---------------  ------------------ 
 Simon Retter       116,636,179              1.1         200,000,000 
                   ------------  ---------------  ------------------ 
 

Shareholders with 3% or more of the issued share capital

 
 Registered Shareholder       Shareholding    % of enlarged 
                                               share capital 
 JIM Nominees Limited         2,683,400,870             25.7 
                             --------------  --------------- 
 First Names Trust Company 
  Limited                     1,332,400,000             12.8 
                             --------------  --------------- 
 Spreadex Limited               823,100,000              7.9 
                             --------------  --------------- 
 GTI International Limited      800,000,000              7.7 
                             --------------  --------------- 
 Pershing Nominees Ltd          727,386,854              7.0 
                             --------------  --------------- 
 M M Daniel                     690,000,000              6.6 
                             --------------  --------------- 
 M Staten                       550,000,000              5.3 
                             --------------  --------------- 
 Reba Global Pty Ltd            500,000,000              4.8 
                             --------------  --------------- 
 

Directorate Appointment

The Company is delighted to announce the appointment of Devon Marais to the board as a non-executive director.

Mr Marais is a South African national with directorate positions in five companies spanning a range of business segments. Of most relevance was his appointment last year as a non-board director of ARQ Minerals Pty Limited ("ARQ") which took an interest in the Company last June becoming a shareholder and operating partner in Nigeria.

Specifically, Mr Marais' role in ARQ is described as being Head of Acquisitions which is of direct relevance to EME's short term plans.

Directorships in the past five years:

 
 Current Directorships                            Past Directorships 
 Name                          Appointment date 
                              -----------------  ------------------- 
 Greenco Africa Ltd            January 2014       None 
                              -----------------  ------------------- 
 Park Media Solutions          March 2017 
  Ltd 
                              -----------------  ------------------- 
 Shammy Corp Ltd               December 2016 
                              -----------------  ------------------- 
 Southern Cross Technologies   January 2017 
  Ltd 
                              -----------------  ------------------- 
 

Devon Jacques Marais, age 23, has no further disclosures under the NEX Exchange rules for companies.

Enquiries:

 
 Equatorial Mining & Exploration 
  Plc:                                nelson@nexfin.org.uk 
  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.

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August 10, 2018 07:53 ET (11:53 GMT)