Primorus Investments PLC Greatland Gold Investment Update (0325Q)
16 Junio 2020 - 1:00AM
UK Regulatory
TIDMPRIM
RNS Number : 0325Q
Primorus Investments PLC
16 June 2020
Primorus Investments plc
("Primorus" or the "Company")
Greatland Gold Investment Update
Primorus Investments plc (AIM: PRIM, AQSE: PRIM) is pleased to
provide an investor update regarding its current holding in
Greatland Gold PLC ("Greatland") (AIM: GGP).
The Company announces that it has today completed a programme of
sales of a total of 10,500,000 Greatland shares for gross proceeds
of approximately GBP1,030,000 and retains a holding of 26,000,000
Greatland shares representing approximately 0.7% of the issued
share capital of Greatland. This sales programme is part of the
Company's disciplined approach to portfolio risk management and is
not a reflection of its view as to the future value of the Havieron
Project and remaining Greatland shares which remains unchanged from
that stated in its announcement of 20 April 2020.
The board continues to believe that Havieron may constitute a
Tier 1 gold discovery and with this sales programme now concluded,
retains a shareholding with a mark-to-market value of circa
GBP3.12m based on the closing market share price of 12p on Monday
15 June.
Back in late 2018, the Company took an investment position in
Greatland based on a handful of what it believed to be exciting
drill holes and a belief that Havieron may prove to be a meaningful
deposit. As announced by Greatland, there is a rapid drill out of
Havieron in progress by Australia's largest-listed gold miner,
Newcrest Mining Limited (NCM.AX), of what the board of Primorus
hopes may be a very significant gold and copper discovery.
The Directors intend to reinvest the proceeds of the share sales
in accordance with the Company's stated investing policy.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
+44 (0) 20 7440
Primorus Investments plc: 0640
Alastair Clayton
+44 (0) 20 7213
Nominated Adviser: 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
+44 (0) 20 3657
Broker: 0050
Turner Pope Investments
Andy Thacker / Zoe Alexander
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's ability to execute
and implement future plans, and the occurrence of unexpected
events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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