CDL Cloudbreak Discovery Plc

TIDMCDL

RNS Number : 6322G

Cloudbreak Discovery PLC

30 March 2022

30 March 2022

Cloudbreak Discovery Plc

("Cloudbreak", or the "Company")

Drawdown of Equity Facility

Notice of GM

Cloudbreak Discovery Plc (LSE: CDL), a leading natural r esource project generator, announces that it has elected to draw down GBP750,000 of the GBP10 million Equity Drawdown Agreement with Crescita Capital LLC ("Crescita") entered into on 16 February 2021. The shares have been issued at 6.25 pence per share resulting in 12 million new ordinary shares being issued.

The parties have agreed to vary the terms of the original agreement. If, within six months of a relevant allotment of shares under the Equity Drawdown Agreement, Crescita completes the sale of any of the ordinary shares in Cloudbreak issued to them (or their nominee(s)) pursuant to an equity drawdown notice the following provision shall apply: If the aggregate sale price is less than 110% of the aggregate subscription price paid by Crescita to the Company for such ordinary shares allotted and issued pursuant to the relevant equity drawdown notice (the "110% Price"), Cloudbreak shall make a one time payment to Crescita for the shortfall from the 110% Price in ordinary shares or cash at the discretion of Cloudbreak.

Notice of General Meeting

The Company also announces that it has convened a General Meeting (" GM ") of the Company to be held on 21st April 2022 at 520 - 999 West Hastings Street, Vancouver, British Columbia, Canada, V6C 2W2, at 10:00am (PST) 6:00pm (BST). A Notice of the GM will be posted to shareholders shortly.

A copy of the document will also be available on the Company's website:

https://cloudbreakdiscovery.com/investors/

At the GM, in addition to the shareholder authority to enable the balance of the shares to be issued to Crescita under the GBP10 million Equity Drawdown Agreement should it elect to, the Company will be seeking authority to enable further equity capital to be raised in the coming months, subject to market conditions. The additional capital would be used by Cloudbreak to accelerate the development of its business.

Kyler Hardy, President and CEO of Cloudbreak , commented, "Cloudbreak has been advancing a number of high impact projects in its pipeline and management felt it was an opportune time to access the capital available through our financial partners, Crescita. These additional funds will be used for several key acquisitions, further diversifying our portfolio of battery and base metal projects. We look forward to updating the market in due course."

Application is being made for the new ordinary shares to be admitted to trading which is expected to be on or around 5 April 2022. These shares rank pari passu with the existing ordinary shares of the Company. Following the issue of these shares, the Company's issued ordinary share capital shall consist of 482,574,200 ordinary shares. The figure of 482,574,200 represents the total voting rights in the Company and should be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's ("FCA") Disclosure Guidance & Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

- Ends -

For additional information please contact:

 
 Cloudbreak Discovery        Tel: +1 604 428 9480 
  PLC 
                             Kyler Hardy, CEO          khardy@cloudbreakdiscovery.com 
 
 Novum Securities            Tel: +44 7399 9400 
  (Financial Adviser) 
                             David Coffman / Lucy 
                              Bowden 
 
 Shard Capital Partners      Tel: +44 207 186 9900 
  (Broker) 
                              Damon Heath / Isabella 
                              Pierre 
 
 
 BlytheRay                   Tel: +44 207 138 3204     Cloudbreak@blytheray.com 
  (Financial PR/IR-London) 
                             Tim Blythe 
                              Megan Ray 
 
 Stellium Services           Tel: +44(0)207 129        Cloudbreak@StelliumServices.com 
  (Investor Relations)        1205 
 www.StelliumServices.com    Andrew Wilson 
                             Claire Bowden 
 

About Cloudbreak Discovery PLC

Cloudbreak Discovery PLC, is a leading natural resource project generator, working across a wide array of mineral assets that are being developed and managed by an experienced team with a proven track record. Value accretion within the projects being developed by Cloudbreak's generative model enables a multi-asset approach to investing and exploration. Diversification within the mining sector and amongst resource classes is key to withstanding the cycles of natural resource investing.

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March 30, 2022 10:00 ET (14:00 GMT)

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