30th Apr 2018 15:48
LONDON (Alliance News) - Emmerson PLC, a natural resources acquisition vehicle listed on the London Main Market, said Monday its loss was unchanged in the recent nine months.
Emmerson posted a pretax loss of GBP207,490 for the nine months to December 31 versus a loss of GBP199,789 in the 13 months to March 31, 2017. The loss was entirely composed of administration costs and other expenses, as the company is not revenue generating.
Emmerson has agreed to pay GBP10 million in Emmerson shares to buy MSL, a company developing the Khemisset potash project near Rabat in northern Morocco. Emmerson will issue 333.3 million shares at an implied price of 3 pence a share. It also will issue 200.0 million shares at the same price to raise GBP6.0 million to fund the project.
Emmerson shares are suspended from trading in London at 2.25p.
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