Evrima Plc - Botswanan Venture Option Exercised PR Newswire


Evrima plc


(“Evrima” or the “Company”)

Acquisition of a further 17.2% interest in KKME

Exercise of Option over 17.2% of Kalahari Key Mineral Exploratiom Company (Pty) Limited (“KKME”), resulting in Evrima having a 19.6% interest in KKME.

Particulars of the RIS Announcement

  1. Exercise of Option, increasing Evrima’s interst in KKME to 19.6%
  2. KKME Operational Update
  3. CEO’s Statement
  4. Admission of New Shares & Total Voting Rights
  1. Exercise of Option, increasing Evrima’s interst in KKME to 19.6%

Pursuant to the option agreement (“Option Agreement”) that Evrima entered into with two of the founding shareholders of KKME (please refer to the Company’s news release of 8th September 2020 headed “Re. Option Agreement”), the Company is pleased to announce that, after a period of evaluation and due diligence, Evrima is exercising its option granted in the Option Agreement.

Prior to signing the Option Agreement, Evrima held a 2.4% interest in KKME; following the optionexercise, it will have acquired a further 17.2% of KKME resulting in Evrima holding an interest of 19.6% in the capital of KKME.  

The aggregate consideration of £138,000 (one hundred and thirty-eight thousand pounds Sterling) payable upon exercise to the grantors of the opton (“Grantors”) shall be satisfied through the issue of 2,300,000 new ordinary shares in the capital of the Company to be allotted at the price of £0.06 (six pence) per share (“Consideration Shares”). In addition to the Consideration Shares, the Grantors shall be awarded, 2,300,000 warrants over one further new ordinary share each in the capital of the Company at an exercise price of £0.12 (twelve pence) per share and a life to expiry of three years from the date on which the Consideration Shares shall have been admitted to trading on AQSE Growth Market.

Following the allotment of the Consideration Shares, the Grantors will be interested in 9.18% of the enlarged issued share capital of Evrima as follows:

Name of Grantor/Shareholder Shares Currently Held Holding after Consideration Shares Allotted Warrants Held Total Shares after Allotment of Consideration Shares Percentageof Enlarged Issued Share Capital of Company
Rickey Gerhard Bonner None 1,150,000 1,150,000 1,150,000 4.59%
Simon John Bate None 1,150,000 1,150,000 1,150,000 4.59%
  1. KKME Operational Update

KKME’s flagship project, the Molopo Farms Complex (“MFC”) has been extensively developed over a number of years. The opportunity was originally identified by four seasoned metal explorers who evaluated a number of prospecting licenses that demonstrated no historical exploration targeting “feeder” styles of Ni-Cu-PGE mineralisation had hitherto been completed within the Molopo Farms ultramafic complex.

In 2019, KKME entered a financing and earn-in agreement with AIM-quoted Power Metal Resources plc (AIM: POW). POW currently owns 18.26% of KKME and has elected to exercise an option granting it the right to earn a 40% direct project interest in the MFC by completing qualifying expenditures totalling US$500,000 by the end of this calendar year.

Despite the difficulties surrounding exploration campaigns in light of the global pandemic, POW and KKME have shown immense operational ability in announcing the commencement of a 2,505 metre maiden diamond drill campaign. KKME has identied 14 targets, with this maiden campaign focusing on four of these. The target hole depths will vary between 525 and 710 metres.

The purpose of the programme is to validate the considerable technical work that has been done to date, indicating the targets to be prospective for massive nickel sulphide mineralisation which, if confirmed, could lead to a number of highly favourable outcomes and an accelerated revaluation of the Molopo Farms Complex.

The shareholders of KKME are frequently kept up to date through both our fellow KKME-shareholder and earn-in party, Power Metal Resources plc (AIM: POW), and KKME itself. At present, the programme has commenced successfully and the first of the four holes has reached a depth of 445 metres (as at 10th November 2020) which is fast approaching the target zone with the modelled target 1-14 conductor being at a depth of approximately 505 metres.

  1. CEO Statement, Burns Singh Tennent-Bhohi

It is with much excitement that we announce the acquisition of a further 17.2% interest in KKME. That company is now entering a critical period of its development cycle through the support of our fellow KKME-shareholder, Power Metal Resources plc (AIM: POW), which is engaging its rights under an earn-in agreement entered into in 2019 with KKME.

Evrima sits in a rare position as an investor in the junior exploration market, whereby it has become the beneficiary of a fully-funded, $500,000 maiden diamond drill campaign that has commenced notwithstanding the global conditions that have restricted so many in the industry from accessing capital and operational workforces.

The Company has increased its equity interest in KKME as close to potential discovery as one could reasonably hope, deploying non-cash consideration and welcoming as shareholders of Evrima two co-founders of KKME who understand the significance of the project more than most, creating a strong exchange of mutual value.

The Directors look forward to providing further updates with relation to the Molopo Farms Complex drill programme over the weeks and months ahead.”

  1. Admission of Shares & Total Voting Rights (TVRs)

Application will be made for the Consideration Shares to be admitted to trading on AQSE Growth Market and this is expected to occur on or around 4th December 2020. No application shall be made to admit to trading on AQSE Growth Market or to any other forum of quotation the warrants being issued alongside the Consideration Shares.

Following the allotment of the Consideration Shares, Evrima plc’s ordinary issued share capital shall comprise of 25,036,728 ordinary shares of £0.001 (22,736,728 shares) . This number will represent the total voting rights in the Company, and upon admission, may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authoriry’s Disclosure and Transparency Rules. The news shares will rank pari passu in all respects with the Ordinary Shares of the Company currently traded on AQSE.

Following the issue of the Consideration Shares the Directors of the Company will be interested in:

Director/Connected Party No.of Shares Currently Held Percentage of Issued Share Capital Percentage of Enlarged share Capital upon Admission of Consideration Shares
Simon Grant-Rennick* 3,540,000 15.57% 14.14%
Burns Singh Tennent-Bhohi 700,000 3.07% 2.79%
Guy Miller 500,000 2.19% 2%

*Simon Grant-Rennick is interested in 3,540,000 voting rights through Alpha Corporate Services (Bermuda) Ltd., a trust to which he is an adviser.

Evrima plc,

London, 13th November 2020

The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.



Burns Singh Tennent-Bhohi (CEO & Director) 


Simon Grant-Rennick (Executive Chairman)


Direct Office Line: +44 (0) 20 3778 0755

Keith, Bayley, Rogers & Co. Limited (AQSE Corporate Adviser):

Graham Atthill-Beck: +44 (0) 20 7464 4091; +44 (0) 7506 43 41 07; +971 (0) 50 856 9408; Graham.Atthill-Beck@kbrl.co.ukblackpearladvisers@gmail.com 

Peterhouse Capital Limited (Corporate Stockbroker):

Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)