6th Dec 2024 13:29
Emmerson PLC - developer of the Khemisset potash mine in Morocco - Has raised GBP850,000 through an oversubscribed placing of 130.8 million new shares at 0.65 pence per share. Emmerson says it attached 43.6 million warrants to the placing with an exercise price of 3p per share and with a seven year term. Net proceeds are to be utilised for general and administrate expenses including redundancy costs, core listing expenses and legal fees associated with its investment dispute with the Moroccan government. Chair Hayden Locke and Chief Executive Graham Clarke both participated in the placing, purchasing 807,692 shares each, bringing their holdings up to 0.8% and 0.2% respectively. Chair Hayden Locke said: "The government of the Kingdom of Morocco has failed to respond to our notice of dispute. Accordingly, working with our specialist arbitration legal team, Boies Schiller Flexner, we have presented our case to funders of potential arbitration claims and have received significant interest...A core group of investors, which were involved in the recent, successful, GreenX arbitration victory over the Polish government, are taking up a position in this capital raise ... they share our view on the strength of our case."
Current stock price: up 5.1% at 0.66p on Friday afternoon in London.
12-month change: down 51%
By Christopher Ward, Alliance News reporter
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