Investment UpdateSource: RNS
Primorus Investments plc
("Primorus" or the "Company")
Primorus (AIM: PRIM) is pleased to announce that Alteration Earth PLC ("ALTE"), commenced trading on the Standard Segment of the Main Market of the London Stock Exchange at 8:00 am today.
As announced on 21 October 2021, the Investment was made in two parts, a seed round (the "Seed Round") and a subscription round (the "Subscription Round"). The Seed Round was funded at 4p per ordinary share and the Subscription Round was funded at 10p per ordinary share. Primorus holds 5,000,000 ordinary shares as follows:
· 2,500,000 shares at 4p per share in the seed round (for a total of £100,000); and
· 2,500,000 shares at 10p per share in the subscription round (for a total of £250,000).
The Investment represents an approximate ownership of 28% of the issued share capital of ALTE.
In addition to the above, Primorus has been granted 1,800,000 warrants to subscribe for new ordinary shares in ALTE, with a strike price at par value (0.3p), at any time up to the fifth anniversary of the date of grant.
In addition to Primorus making its investment into ALTE, Matthew Beardmore, Rupert Labrum and Simon Holden have agreed to invest in ALTE as follows:
· Matthew Beardmore has agreed to invest £28,000 (approximately 2% of the issued share capital) based on 200,000 shares at 4p and 200,000 shares at 10p;
· Matthew Beardmore has also been awarded 450,000 warrants to subscribe for new ordinary shares with an exercise price at par value (0.3p);
· Simon Holden has agreed to invest £28,000 (approximately 2% of the issued share capital) based on 200,000 shares at 4p and 200,000 shares at 10p; and
· Rupert Labrum has agreed to invest £199,500 (approximately 16% of the issued share capital) based on 1,425,000 shares at 4p and 1,425,000 shares at 10p.
Primorus looks forward to ALTE enacting its strategy and delivering a value enhancing outcome for its Shareholders.
In addition, the Company is pleased to announce that it has acquired 1,000,000 shares in Landore Resources Limited ("Landore Resources") at £0.22598 per share which equates to a total amount invested of £225,978.
Landore Resources is an AIM listed holding company for its 100% owned reporting subsidiary Landore Resources Canada Inc which is an acquirer, explorer and developer of precious and base metal projects in Eastern Canada. It is primarily focused on the development of its 100% owned Junior Lake Project, together with the contiguous Lamaune Iron property (90.2% owned) (jointly the "Junior Lake Property").
The Junior Lake Property consists of 30,507 hectares and is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay. It is host to: The BAM Gold Deposit; the B4-7 Nickel-Copper-Cobalt-Platinum-Palladium-Gold Deposit; the VW Nickel-Copper-Cobalt Deposit; Lamaune Gold Prospect; the Lamaune Iron Prospect and numerous other precious and base metal occurrences.
In the year ended 31 December 2021, Landore Resources had nil revenue and incurred a loss of £3.97m.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors are responsible for the release of this announcement.
For further information please contact:
Primorus Investments plc
Matthew Beardmore, Chief Executive Officer
+44 (0) 20 8154 7907
Cairn Financial Advisers LLP
Sandy Jamieson/James Caithie
+44 (0) 20 7213 0880