26th Sep 2022 14:24
Emmerson PLC - developing Khemisset potash mine in Morocco - Receives USD6.0 million equity investment from Global Sustainable Minerals Pte Ltd at 6.0 pence per share and raises a further GBP97,024 from an offer to retail investors via Peel Hunt's REX platform at the same price. GSM and Gold Quay Capital Pte Ltd also agree to extend a USD40.0 million convertible loan note to September 30. The loan notes convert at 8.2p. Emmerson says it now is funded to complete basic engineering work, permitting and project financing processes through to a construction decision for Khemisset.
Emmerson also reports interim results. It pretax loss widens to USD1.4 million in the six months that ended June 30 from USD1.1 million a year before, with no revenue booked either period.
Current stock price: 6.10p, up 11% on Monday
12-month change: up 9.9%
By Tom Waite; [email protected]
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