Evrima Plc - Re. Conditional Investment Agreement PR Newswire

 THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY EVRIMA PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS AMENDED ("MAR") OR EQUIVALENT, TRANSITIONAL REGULATIONS IN THE UNITED KINGDOM. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Evrima plc

AQSE: EVA

(“Evrima” or the “Company”)

Conditional Project Investment Agreement with Eastport Ventures Inc. over the Selebi North & Keng Ni-Cu-PGM Projects

Particulars of the RIS Announcement

  1. Eastport Ventures Inc.
  2. Selebi North & The Keng Ni-Cu-PGM Projects
  3. Conditional Project Investment Agreement
  4. Releated Party Disclosure
  5. Chairman’s Statement
  1.  Eastport Ventures Inc.

Eastport Ventures is a company incorporated and registered in Ontario, Canada, which was formed by seasoned explorers and corporates for the purpose of identifying and evaluating mineral opportunities in Southern Africa, with a specific geologic focus on Botswana. The commercial objective of the company has been patiently to acquire and build a portfolio of advanced exploration and investment opportunities at junctures in the resources demand cycle when commodity markets were depressed.  This covered a range of commodites that the Eastport Ventures’ team believed would attract capital investment upon an upturn in global capital markets, coupled with a renewed appetite for undervalued mining and exploration assets.

Eastport Ventures has hitherto amassed a portfolio of interests covering copper, nickel, uranium, and diamonds; it has additionally created an internal investment division that currently has a value in excess of C$1,000,000. The mineral assets within Eastport Ventures have attracted an aggregate of over USD$15,000,000 in both historic and current capital expenditure.

On March 24th 2021, Evrima plc entered a conditional investment memorandum with Eastport Ventures Inc., as Eastport Ventures Inc. progresses to its own respective IPO on a recognised investment exchange in the U.K. and prepares to commence a 2,500m to 5,000m diamond drill programme on its Matsitama Copper Project focusing initially on the highly prospective:

Phudulooga Target  [Historic Drilling Returned]

  • DS07-0114.42% Cu, 5.94 g/t Ag over 3.3m at 24.1m depth
  • DS07-012 – 3.36% Cu, 3.72g/t Ag over 3.4m at 85.8m depth

Nakalakwana Target [Historic Drilling Returned]

  • NH-014 – 2.47% Cu over 10m at 65.9m depth
  • NH-016 – 2.42% Cu over 5.26m at 60.4m depthThe Selebi North & The Keng Nickel-Copper-PGM Projects (“The Projects”)

        2.        Selebi North Project (Ni-Cu-PGM)

Eastport was awarded four contigueous prospecting licences (PLs) to the immediate south and east of the BCL mining licence. The PLs cover 2091.8 km2 and were issued for an initial period of three years.

The PLs are located within the Phikwe Complex of the Limpopo Zone of north-east Botswana. The licence geology comprises structurally complex sequences of the PreCambrian banded gneiss formation; the host rocks of the former BCL Selebi-Phikwe massive nickel-copper sulphide mine. Historical work within the PLs located a number of sequence-specific nickel-in-soil anomalies.

Recently, Premium Nickel Resources (PNR) was awarded a six-month exclusive right to undertake detailed due diligence and purchase aggreements for the assets of the former BCL mine now in liquidation: PNR Awared Exclusivty to Acquire BCL Assets. Evrima and Eastport are both shareholders of PNR providing a complimentary risk off-set to the CES programme. Please refer to the announcement Evrima plc made in respect of Premium Nickel Resources on 19th February 2021.

The Keng Nickel-Copper Project

Eastport was awarded two contiguous PLs covering a major part of the northern margin of the Molopo Farms Complex (MFC). The PLs cover 1,345 km2 and were issued for an initial period of three years.

The PLs are located on the northern margin of the MFC, a large mafic-ultramafic intrusive sequence, in a structurally complex area with interference by major Limpopo faults and folded, reactive host rock sequences at the contact with the MFC. Historical drilling within the PL’s reported narrow widths up to 14.6% Ni. Elsewhere in the MFC intersections of low grade nickel-copper-PGE’s and gold characterize the MFC as metal-rich. The project will persue a Norl’sk-Talnakh or Voisey’s Bay style feeder systems featuring massive sulphides.

Recent drilling by Kalahari Key Minerals, a share holding in the Evrima investment portfolio, reported several nickel-rich intersections: Kalahari Key Drilling Results. Kalahari Key is also in pursuit of a feeder style massive sulphide deposit.

Confirmation of Prospecting Licence Grant: Selebi North & Keng

Eastport Ventures Inc., have confirmed that the PLs have been formally granted by the Department of Mines in Botswana and as such, Evrima plc must now determine the path for which they progress commercially.

        3.        Conditional Project Investment Agreement

Evrima plc and Eastport Ventures Inc. have been in frequent and ongoing commercial discussions surrounding a partnership to advance a number of prospective mineral opportunities in Botswana and an equity investment in Eastport Ventures Inc.’s pre-IPO financing round. Evrima is pleased to announce that the Company has entered a Conditional Project Investment Agreement (“The Agreement”) with Eastport Ventures Inc. over the Selebi North & The Keng Nickel-Copper-PGM projects (together, the “Projects”).

Terms of the Project Investment Agreement

  • Evrima plc to conduct a 45-day due diligence period, over the Selebi North & Keng Nickel-Copper Projects
  • During this period the companies will evaluate a proposed schedule of works that will commence in conjunction with the closing of the Agreement.
  • Eastport Ventures Inc., has confirmed that it has completed considerable technical evaluation and is planning a number of active exploration programmes that should de-risk the project to a point of drill-ready status
  • Should Evrima wish to proceed the Company shall have the right to earn an investment interest equating to 25% of the Projects subject to certain of the conditions of the Agreement being satisfied:

> Evrima to fund, $400,000 of qualifying exploration expenditures over the Projects within 24-months of executing, the Agreement

> Evrima shall commit to a minimum of $150,000 in exploration expenditures within 6 months of execution of the Agreement

> Upon completion of the requisite exploration expenditures, Evrima (subject to all approvals) shall maintain a 25% Investment Interest in the Projects: Selebi North & Keng Nickel-Copper-PGM

> On execution of the Agreement, Evrima shall be awarded, 1,000,0000 warrants over Eastport Ventures Inc. shares with a striking price reflecting the pre-IPO Investment Subscription Price, a life to expiry of 3 years, 500,000 warrants shall vest upon the company satisfying the first 6 months of minimum exploration expenditures, the balance (500,000 warrants) shall vest on completion of the $400,000 qualifying expenditures under the terms of the Agreement

> Upon satisfaction of the Agreement, Evrima shall have the right to maintain its investment interest in the Projects on a standard fund or dilute basis

> Upon satisfaction of the Agreement, Evrima shall be awarded a 1% NSR over the PLs that form the Projects.

        4.        Related Party Disclosure

Burns Singh Tennent-Bhohi is a Director & Shareholder of Evrima plc and the Chief Executive Officer/Co-Founder and a shareholder of Eastport Ventures Inc., Mr Guy Miller is a Director and Shareholder of Evrima plc and a shareholder of Eastport Ventures Inc.

Mr Rick Bonner, who holds in excess of 3% of Evrima plc, is also a shareholder and Director of Eastport Ventures Inc., Mr Simon Bate who holds in excess of 3% of Evrima plc, is also a shareholder of Eastport Ventures Inc.’s local subsidiary in, in Botswana.

  1. Executive Chairman, Simon Grant-Rennick, Statement

“The confirmation of the grants of the Selebi North & Keng Nickel-Copper-PGM Prospecting Licences is a considerable moment for both Evrima and Eastport Ventures Inc. a company in which we see considerable future value and potential synergy.

Earlier this year, Evrima announced its investment in Premium Nickel Resources (PNR) and the ambitions PNR have with BCL and the Selebi Phikwe Mining Complex, the PL application grant generates immense optionality for Evrima moving forward with equity exposure via our holding in PNR and the option, at our election, to have direct investment exposure in a world renowned Nickel-Copper mining district.

I have a particular appreciation and understanding of the significance for the Selebi Phikwe Mining Complex, having been a senior participant for Falconbridge International Limited in the negotiation/finalisation and execution of the ‘Matte refininf and metals purchase agreement’ in 1985.

I look forward to providing updates as the Company now formalises its next steps under our investment agreement with Eastport Ventures Inc.”

The Company,

London, 1st June 2021

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

Enquiries

Company:
Burns Singh Tennent-Bhohi (CEO & Director)
burns@evrimaplc.com

Simon Grant-Rennick (Executive Chairman)
simon@evrimaplc.com

Guy Miller (Non-Executive Director)
guy@evrimaplc.com
Direct Office Line: +44 (0) 20 3778 1516

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)