RNS Number : 6108H
Equatorial Mining & Exploration PLC
13 March 2018
13 March 2018
Equatorial Mining & Exploration Plc ("EME" or the "Company")
Update Regarding Fund Raise
Further to the announcement of 27th February, the Company announces that it has raised £40,000 through the issue of 5% Unsecured Irredeemable Convertible Loan Notes 2018. The Conversion price is 0.41p per ordinary share. The Company also anticipates that further funds will be received during this month through the exercise of the 0.01p Warrants in issue to bring the total amount raised to the minimum £50,000 which the Company requires.
Nicholas Nelson, Chairman, commented:
"We are pleased that certain long standing shareholders and a new investor have agreed to invest and it is noteworthy that the investment has been made at the prevailing NEX quoted share price.
"This small injection of working capital is vital for the continuation of our coal mining project in Nigeria and I am confident of returning to coal production by the end of March."
The Directors take responsibility for this announcement.
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