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Evrima Plc - Investment in Eastport Ventures, Inc; Maiden Drill

·6-min read

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY EVRIMA PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR") WHICH IS, BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, PART OF UNITED KINGDOM LAW. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Evrima plc

AQSE: EVA

(“Evrima” or “the Company”)

Evrima plc Completes Initial Investment in Eastport Ventures Inc. & Eastport Ventures Inc. Commences Maiden Drill Campaign at Jwaneng

Particulars of the RIS Announcement

  1. Eastport Ventures Inc. (“Eastport Ventures”) Overview

  2. Eastport Ventures Commences Maiden Drill Campaign at Jwaneng North

  3. Evrima plc complete initial investment acquiring 1.62% of Eastport and secure an exclusive subscription agreement to increase the company’s ownership for a period of 45 business days

  4. Related Parties Disclosure

  5. Chairman’s Statement

1. Eastport Ventures Overview

Eastport Ventures is a company incorporated and registered in Ontario, Canada, which was formed by seasoned explorers and corporate investors for the purpose of identifying and evaluating mineral opportunities in Southern Africa, with a specific geologic focus on Botswana. The commercial objective of Eastport Ventures has been patiently to accumulate a portfolio of advanced exploration and investment opportunities at junctures in the resources demand cycle when commodity markets were depressed. This covered a range of commodities that the Eastport Ventures’ team believed would attract capital investment upon an upturn in global capital markets, coupled with a renewed appetite for undervalued mining and exploration assets.

Eastport Ventures has hitherto amassed a portfolio of interests spanning copper, nickel, uranium, and diamonds; it has additionally created an internal investment division that currently has a value in excess of C$2,500,000. The mineral assets within Eastport Ventures have attracted an aggregate of over USD$15,000,000 in both historic and current capital expenditure.

On March 24th 2021, as previously announced, Evrima entered into a conditional investment memorandum with Eastport Ventures as the latter progresses to its own IPO on a recognised investment exchange; Eastport Ventures has commenced its maiden drill campaign at Jwaneng and prepares to follow up with a 2,500m to 5,000m diamond drill programme on its Matsitama Copper Project focusing initially on the highly prospective:

Phudulooga Target [Historic Drilling Returned]

  • DS07-011 – 4.42% Cu, 5.94 g/t Ag over 3.3m at 24.1m depth

  • DS07-012 – 3.36% Cu, 3.72g/t Ag over 3.4m at 85.8m depth

Nakalakwana Target [Historic Drilling Returned]

  • NH-014 – 2.47% Cu over 10m at 65.9m depth

  • NH-016 – 2.42% Cu over 5.26m at 60.4m depth

2. Eastport Ventures Commences Maiden Drill Campaign at its Jwaneng North Diamond Project

Eastport Ventures is pleased to announce that drilling has commenced at its wholly owned Jwaneng North Project to the immediate north of Debswana’s Jwaneng Diamond Mine in South Central Botswana. A two-hole, 600m programme will sample two separate kimberlites; the Kgare & EVB04.

Following geological work on the core, split samples will be sent to SRC in Canada for diamond recovery and indicator chemistry studies. The first hole is planned to a depth of 400m; presently it is at 196m and in kimberlite.

The programme is expected to end in later this month (August, 2021). An update on the diamond results will be provided on completion of the programme. iQuest consulting Ltd is supervising the drilling and monitoring compliance with national Covid-19 procedures. Access, water, and environmental agreements and permits are also in place and are being closely monitored.

A short video of the drill and core photos are available on the Eastport Ventures social media sites (Instagram: EastportV and Twitter: @EastportV) and website Eastport Ventures and also on the Evrima website Evrima plc and social media feed.

3. Evrima completes initial investment acquiring 1.62% of Eastport Ventures and secures an exclusive subscription agreement to increase its investment interest for a period of 45 business days

Following the Company’s commissioning of an independent valuation opinion of Eastport Ventures, Evrima has acquired 1.62% of Eastport Ventures through a subscription for new ordinary shares (“Shares”) of Eastport Ventures. Evrima has subscribed for 523,667 units in this pre-IPO financing with each unit having a subscription price of $0.30¢ and consisting of one Share and one subscription warrant (“Warrant”). The attaching Warrants shall have a strike price of $0.60¢ and a life to expiry of five years.

The Company has also secured an exclusive subscription agreement that entitles Evrima to subscribe for up to a further 2,000,000 Shares on like terms for a period of 45 business days from the date of this announcement.

This pre-IPO round in which the Company has participated is to capitalise the Jwaneng Diamond programme (currently drilling) and a subsequent 2,500 - 5,000m diamond drillig campaign at the Matsitama Copper Project, for which preparations are underway, with a scheduled start date of late-September 2021.

4. Related Parties Disclosure

Mr. Burns Singh Tennent-Bhohi is a Director and shareholder of Evrima, and is the Chief Executive Officer/Co-Founder and a shareholder of Eastport Ventures, Mr Guy Miller is a Director and shareholder of Evrima and a shareholder of Eastport Ventures.

Mr Rick Bonner, who holds in excess of 3% of Evrima, is also a shareholder and Director of Eastport Ventures Inc., Mr Simon Bate, who holds in excess of 3% of Evrima, is also a shareholder of Eastport Ventures’ local subsidiary in Botswana.

5. Simon Grant-Rennick, Chairman’s, Statement

We have been in advanced commercial discussions with Eastport Ventures for a number of months. Our focus has been on evaluating the underlying assets and Eastport Ventures’ development objectives. We note that Eastport Ventures’ investment portfolio has seen an increase in value during our review, with one investment position posting an increase of in excess of 40-times the original cost.

Eastport Ventures is now entering an extremely active period of exploration as it commences its maiden drill campaign at Jwaneng North, a diamond project adjacent to the Jwaneng Mine owned by Debswana where, earlier this year, the third-largest Diamond discovery in Botswana was found. This project has attracted interest from major mining institutions, with certain of which discussions are ongoing.

On completion of its drilling programme at Jwaneng, Eastport is also scheduled to undertake a 2,500m5,000m diamond drilling programme at the Matsitama Copper Project, where historic drill intercepts report copper grades in excess of 4% over mineable widths and depths.

I look forward to updating the market on the developments with our new investee as it seeks to augment the value of its underlying assets through strategic exploration and development as it works to consummate a going-public transaction, the current preference being for a reverse takeover or initial public offering on a recognised investment exchange.”

London, 19th August 2021

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)

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