Marula Mining Plc - Further re Funding Arrangement with Q Global Commodities
Announcement provided byMarula Mining PLC · MARU
Marula Mining PLC
(“Marula’’ or the “Company”)
8 February 2024
Further re Funding Arrangement with Q Global Commodities
Marula Mining (AQSE: MARU) an African focused mining and development company, announces that further to the announcements on 31 January 2023 and 16 February 2023, regarding an investment and co-development partnership with Q Global Commodities Group (“Q Global”), the Company has entered into an addendum to the £3,750,000 conditional subscription agreement with K2020273872 (
Under the terms of the Subscription Agreement prior to the recent addendum, K2020273872 had agreed to subscribe for up to £3.75 million through the issue of up to 100 million new ordinary shares of
The Subscription Agreement has been amended with the subscription now being advanced through AUO Commercial Brokerage LLC (“AUO” or the “Subscriber”, an affiliate of Q Global incorporated in
The amended Subscription Agreement contains standard terms and conditions. In addition, in the event of AUO following the subscription for the entirety of the 147,800,000 new ordinary shares, and where AUO holds 51% or more of the Ordinary Shares of the Company’s issued share capital, the Company will take reasonable steps to offer AUO a right of first refusal in respect of any issuances of new Ordinary Shares by the Company to maintain their percentage ownership above 51%, with the exception of new Ordinary Shares issued to directors and employees under option plans or other incentivisation plans.
The Subscription Agreement is conditional upon, amongst other things, a Rule 9 Waiver being granted in accordance with the City Code on Takeovers and Mergers and shareholder approval at a general meeting of the Company.
In addition, the Co-Development Agreement and Relationship Agreement announced on 16 February 2023, have been novated from K2 to AUO.
Jason Brewer, Marula Mining PLC CEO said:
“The investment and co-development partnership with Q Global has already proven itself to be of significant value to Marula and its shareholders.
“In recent months, with the support of Q Global, the Company has been able to invest heavily in the Blesberg Lithium and Tantalum Mine with the supply of new major mining equipment that Q Global was able to secure from Bell Equipment Limited. The Company has further secured new sensor based XRF ore sorters and commenced an exploration and mining works program at Blesberg through funds already advanced by Q Global, which will be offset against the subscription funds to be received from AUO, following approval of the subscription agreement and a Rule 9 waiver to be granted at a general meeting of the Company.
“The scale and pace of our investment at the Blesberg Lithium and Tantalum Mine in 2023, as well as the Company’s plans to similarly do so at our other projects in
“We plan to continue to move forward at pace in the development of our projects, and I look forward to updating shareholders on the progress across our portfolio.”
The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of
About Marula Mining
Marula Mining (AQSE: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mine projects in
Marula’s strategy is to identify and invest in advanced and high-value mining projects throughout East, Central and
Marula’s shares are traded on the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on the London Stock Exchange plc’s Standard List or AIM Market, Kenya’s Nairobi Securities Exchange and South Africa’s Johannesburg Stock Exchange.
For enquiries contact:
Marula Mining PLC
Chief Executive Officer
Faith Kinyanjui Mumbi
Email : firstname.lastname@example.org
Email : email@example.com
AQSE Corporate Adviser
Cairn Financial Advisers LLP,
Liam Murray / Ludovico Lazzaretti
+44 (0)20 7213 0880
Peterhouse Capital Limited,
+44 (0)20 7469 0930
Financial PR and IR
Tim Blythe / Megan Ray / Said Izagaren
+44 (0)20 7138 3204
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identiﬁed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reﬂect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
View more ...