REG - Mining, Minerals&Mtl - Conditional Fundraise of £5m Completed

Mining Minerals & MetalsAnnouncement

28/05/2024 07:00

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RNS Number : 0576Q  Mining, Minerals & Metals PLC  28 May 2024

28 May 2024

 

Mining Minerals & Metals Plc

("MMM" or the "Company")

 

Confirmation of successful conditional fundraising of £5 million to acquire
Georgina Energy Plc ("Georgina Energy")

 

Mining Minerals & Metals Plc, the investment vehicle established to
undertake an acquisition in the natural resources sector, is pleased to
announce a conditional fundraise to raise gross proceeds of £5m as part of
the proposed acquisition of Georgina Energy ("Proposed Acquisition"), a
company seeking to develop natural gas, helium, and hydrogen assets in
Australia.

 

The fundraise and proposed acquisition are conditional, inter alia, on i)
approval by the Financial Conduct Authority ("FCA") and publication by the
Company of a prospectus ii) entering into definitive legal agreements for the
fundraise and proposed acquisition; iii) approval by the Company's
shareholders at a general meeting to be convened in due course; iv) obtaining
all other necessary approvals (if and where required); and v) readmission of
the Company's shares to the standard segment of the Official List of the FCA
and to trading on the Main Market of the London Stock Exchange.

 

The Company and its advisers are finalising the prospectus and, and following
FCA approval, anticipate being able to release an update regarding the
timetable, including a date for the general meeting.

 

 Roy Pitchford, Non-Executive Chairman of MMM, commented:

 

"We are pleased to have completed the conditional fundraise and are now aiming
to have the Company readmitted to trading as soon as practicable. We will
update the shareholders on the timetable in due course."

 

Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:

"We are incredibly pleased to be able to announce the £5m conditional
fundraise. Oak, as cornerstone investor, has agreed to participate in the
fundraising to the amount of £250,000 representing 5% of the total expected
proceeds. Also, the fundraise has attracted quality institutional interest. We
remain on track to re-enter the Hussar EP513 well before the end of the year.

The acquisition has the potential to create a leading player in the energy
market and, with the global shortage of helium, would provide an opportune
time for investors to benefit from the favourable supply and demand dynamics.
We are excited for the future as large-scale demand for hydrogen continues to
grow."

END

For further information, please contact:

 

Mining, Minerals & Metals plc

 Non-Executive Chairman, Mining, Minerals & Metals plc      Telephone +44 (0)20 7317 0644

                                                            Email: roy@mmmplc.com

 Georgina Energy plc
 Tony Hamilton                                              via Camarco
 Mark Wallace

Tavira Financial Ltd - Financial Adviser and Joint Broker

 Jonathan Evans     +44 (0)20 3833 3719 (tel:+442038333719)
 Oliver Stansfield

 

Oak Securities - Joint Broker

 Jerry Keen       +44 (0)203 973 3678 (tel:+442039733678)
 Henry Clarke
 Dillon Anadkat

 

Camarco - Financial PR

 Tilly Butcher   georginaenergy@apcoworldwide.com (mailto:georginaenergy@apcoworldwide.com)

 Gordon Poole

 Letaba Rimell

 

 

Notes to Editors

 

Georgina Energy aims to become a leading player in the global energy market
and is focused on establishing itself among the top producers of helium and
hydrogen worldwide. With a strategic approach and leveraging the experienced
management team's expertise, Georgina Energy aims to capitalize on
opportunities in these critical energy sectors.

 

The projects benefit from established infrastructure and a reliable supply
chain, offering significant resource potential through low-risk,
cost-effective drilling projects.

 

Georgina Energy has two principal onshore interests held through its wholly
owned Australian subsidiary, Westmarket O&G.  The first, the Hussar
Prospect is located in the Officer Basin in Western Australia and Westmarket
O&G holds a 100% working interest in the exploration permit.  The second,
the Mount Winter Prospect, is located in the Amadeus Basin in the Northern
Territory, which Georgina Energy has a right to earn an initial 75 per cent.
interest in (with the potential to reach 90 per cent.).

 

In line with market demand trends, Georgina Energy is well-positioned to
capitalize on the growing gap between supply and demand for hydrogen and
helium with the resource potential of Mount Winter and Hussar projects for
their potential accumulations.

 

For more information visit https://www.georginaenergy.com
(https://www.georginaenergy.com)

 

Forward-looking statements

 

Certain statements contained in this announcement that are not historical fact
may be "forward-looking" statements. These forward-looking statements are
subject to a number of risks and uncertainties, many of which are beyond the
Company's control and all of which are based on the Company's current beliefs
and expectations about future events. Forward-looking statements are typically
identified by the use of forward-looking terminology such as "believes",
"expects", "may", "will", "could", "should", "intends", "estimates", "plans",
"assumes" or "anticipates" or the negative thereof or other variations thereon
or comparable terminology, or by discussions of strategy that involve risks
and uncertainties. In addition, from time to time, the Company or its
representatives have made or may make forward-looking statements orally or in
writing. Furthermore, such forward-looking statements may be included in, but
are not limited to, press releases or oral statements made by or with the
approval of an authorised executive officer of the Company. These
forward-looking statements, and other statements contained in this
announcement regarding matters that are not historical facts, involve
predictions. No assurance can be given that such future results will be
achieved; actual events or results may differ materially as a result of risks
and uncertainties facing the Company and its subsidiaries. Such risks and
uncertainties could cause actual results to vary materially from the future
results indicated, expressed or implied in such forward-looking statements.

 

 

The forward-looking statements reflect knowledge and information available at
the date of preparation of this announcement. Except as required by applicable
law and/or regulatory obligations, the Company does not undertake any
obligation to update or change any forward-looking statements to reflect
events occurring after the date of this announcement. Nothing in this
announcement is intended as a profit forecast or estimate for any period and
no statement in this announcement should be interpreted to mean that earnings
or earnings per share or income, cash flow from operations or free cash flow
for the Company for the current or future financial years would necessarily
match or exceed the historical published earnings or earnings per share or
income, cash flow from operations or free cash flow for the Company

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