EVA Evrima Plc

 
TIDMEVA 
 
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO 
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION 
(EU) NO. 596/2014, AS AMENDED WHICH, BY VIRTUE OF THE EUROPEAN UNION 
(WITHDRAWAL) ACT 2018, FORMS PART OF UK LAW. ON THE PUBLICATION OF THIS 
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE 
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. 
 
                                  Evrima plc 
 
                                   AQSE: EVA 
 
                          ("Evrima" or "the Company") 
 
   Kavango Resources plc (LSE: KAV) enters option agreement to acquire up to 
   51.15% of Kalahari Key Minerals Exploration Pty Limited; Evrima elects to 
                       maintain Project Level Interest 
 
Particulars of the RIS : 
 
 1. Kalahari Key Minerals Exploration Pty Limited ("KKME"): Background 
 2. Kavango Resources plc: High Level Overview 
 3. Evrima plc elects to maintain Project Level Interest 
 4. Chairman's Comment 
 
 1.  KKME: Background 
 
KKME is a private mineral exploration company registered in Botswana, engaged 
in the development of its Nickel-Copper-Platinum Group Metals (Ni-Cu-PGM) 
project called the Molopo Farms Complex ("MFC") in Botswana. The Company is 
currently interested in 15.43% of the issued share capital of KKME. 
 
The KKME opportunity developed from a recognition that no historical 
exploration targeting "feeder" styles of Ni-Cu-PGM mineralisation had been 
completed within the MFC ultramafic complex. The founding group of four 
seasoned metals explorers identified a number of prospecting licences over a 
prospective geological feature often associated with feeder-style deposits. The 
exploration work conducted to date by KKME continues to support the 
prospectivity of the licence areas and a series of exciting targets has been 
identified for a proposed drilling campaign. 
 
KKME is a privately owned company, which currently owns 100% of prospecting 
licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively making 
up KKME's interest in the MFP. KKME holds no other interests and is debt-free. 
 
Power Metal Resources plc (LSE: POW - "Power Metal") has an effective 40% 
project interest in the MFP, which it will convert into equity in KKME on a 
pro-rated basis, should the Proposed Acquisition proceed. 
 
2.  Kavango Resources plc News Release: Summary of Content 
 
Kavango Resources plc ("Kavango" or "LSE: KAV"), the exploration company 
targeting the discovery of world-class mineral deposits in Botswana, is pleased 
to announce it has entered an exclusive, three-month option (the "Option") to 
acquire the interest in KKME in a proposed all-share transaction (the "Proposed 
Acquisition"). Kavango may exercise the Option at its sole discretion. 
 
Following the Proposed Acquisition, Kavango would hold an interest of 
between 50.74% and 51.15% in KKME, Evrima would hold between 8.86% and 9.26% of 
KKME and Power Metal would own the remaining 40%. Power Metal and Evrima each 
intend to retain their shares in KKME and will continue as project partners. 
Kavango would become the operator. 
 
Rather than pay a cash option premium, Kavango shall complete a work programme 
on the MFP (the "Work Programme"). This will enable Kavango to complete 
technical due diligence, including fieldwork, prior to deciding whether to 
exercise its Option. As part of the Work Programme, Kavango will perform a 
review of all geological and geophysical data gathered from previous 
exploration of the MFP. 
 
The full RNS announcement by Kavango can be viewed here . 
 
 3.  Evrima elects to maintain project level interest in the Molopo Farms 
Complex ("MFC") 
 
Conditional on Kavango exercising its right under the Option, Evrima will own a 
project-level interest of between 8.86% and 9.26% of the Molopo Farms Complex 
("MFC") and have the right to nominate a member of its choice to the Board of 
KKME. 
 
 4.  Executive Chairman, Simon Grant-Rennick, commented, 
 
"We are glad to announce that there is commercial interest and appetite for 
KKME. Last year, through an all-equity transaction, the Company completed the 
acquisition of 17.2% of KKME, resulting in Evrima becoming the second-largest 
shareholder of KKME. This was a strategic acquisition with two of the four 
founders of KKME and capitalised in equity. 
 
Through our existing investment interests, Evrima's present investment mandate 
is exclusive to investing in mineral interests and companies operating in 
Botswana. Whilst we see merit in terminating future funding liabilities by 
electing to receive consideration in the form of Kavango Resources plc (LSE: 
KAV) equity, the Board of Evrima believe in furthering its understanding of the 
project's potential value before considering a material disposal of our 
interest. 
 
This is a positive step forward for the project and secures a well-capitalised 
partner in progressing the project further." 
 
The Directors of the Company, who have issued this RIS announcement after due 
and careful enquiry, accept responsibility for its content. 
 
REGULATORY ANNOUNCEMENT ENDS 
 
Enquiries: 
 
Company: 
Burns Singh Tennent-Bhohi (CEO & Director): burns@evrimaplc.com 
 
Simon Grant-Rennick (Executive Chairman): simon@evrimaplc.com 
 
Keith, Bayley, Rogers & Co. Limited (AQSE Corporate Adviser): 
 
 
Graham Atthill-Beck: +44 (0) 7506 43 41 07; Graham.Atthill-Beck@kbrl.co.uk; 
blackpearladvisers@gmail.com 
 
Peterhouse Capital Limited (Corporate Stockbroker): 
 
 
Lucy Williams: +44 (0) 20 7469 0930 
Duncan Vasey: +44 (0) 20 7220 9797 (Direct) 
 
 
 
END 
 
 

(END) Dow Jones Newswires

November 30, 2021 11:03 ET (16:03 GMT)

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