Evrima Plc Interim Results

 
TIDMEVA 
 
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 AMED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT 
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW 
CONSIDERED TO BE IN THE PUBLIC DOMAIN. 
 
30th September 2022 
 
                                  Evrima PLC 
 
                          ("Evrima" or the "Company") 
 
                                   AQSE: EVA 
 
             Interim Results For The Six Months Ended 30 June 2022 
 
Evrima plc the investment issuer focused on opportunities within the 
commodities, mineral exploration and development sectors is pleased to announce 
its unaudited interims results for the six months ended 30 June 2022 and a 
summary of key events, post reporting period end to September 2022. 
 
Chief Executive Officer, Burns Singh Tennent-Bhohi commented, 
 
"We are living through quite extraordinary times in global financial markets. 
The world is gripped by a myriad of complex economic & geo-political problems 
that shine light on our dependency on globalisation and how challenging 
deglobalisation and realistic closed economic models are. 
 
This palpable shift is being felt by the consumer and general public, resulting 
in an acute disconnect between monetary and fiscal policy after more than 10 
years of monetary policy dominating financial market capital inflows. 
 
Evrima, as an investment issuer has always been focused on investing in asset 
classes that the Board believes perform best in economic circumstances such as 
those we are experiencing presently. 
 
I am pleased to report that the company and its underlying investees continue 
to make strong developments with a focus on timing and liquidity events. Most 
notably our first liquidity event through our investment in Premium Nickel 
Resources Ltd was achieved post period end." 
 
Highlights to the period ended 30 June 2022 Include: 
 
Premium Nickel Resources Ltd ("PNR") 
 
  * In February 2022, PNR completes the purchase of Selebi and Selebi North 
    Mines in Botswana with the liquidator of BCL Limited. The transfer of 
    ownership to PNR of the Selebi Mines and related infrastructure has been 
    finalized and exploration activity commences. 
 
  * In February 2022, PNR executes a definitive asset purchase agreement with 
    the liquidators of Tati Nickel Mining Company to acquire the Selkirk 
    Nickel-Copper-Cobalt-Platinum Group Metals Mine and surrounding prospecting 
    licenses and infrastructure formerly operated by Tati Nickel Mining 
    Company. 
 
  * In February 2022, PNR enters Non-Binding LOI for Reverse Takeover of TSX-V 
    listed North American Nickel (TSX-V: NAN). 
 
  * In April 2022, North American Nickel (TSX-V: NAN) & Premium Nickel 
    Resources Execute Definitive Agreement for business combination by way of 
    Reverse Takeover. 
 
Eastport Ventures Inc. ("EV" or "Eastport") 
 
  * Evrima completed its initial investment in Eastport on 19 August 2021, per 
    the announcement that can be viewed  here. Evrima first subscribed in 
    Eastport for 523,667 units, with each unit having a subscription price 
    of $0.30 and consisting of one common share and one subscription warrant, 
    such warrants having a strike price of $0.60 and a life to expiry of five 
    years. 
  * By way of conversion of a debt-to-equity agreement, the Company acquired a 
    further 1,854,211 common shares in Eastport at a subscription price of 
    $0.30. Subsequently, Eastport and Evrima agreed to cancel the 523,667 
    warrants that had been issued in August 2021, and instead issue Evrima with 
    1,000,000 replacement warrants over common shares, with a strike price of 
    $0.10 per share. As a result of recent developments in Eastport, the 
    Company has chosen to exercise its entire holding of 1,000,000 warrants at 
    $0.10 per share. 
  * Accordingly, Evrima's resulting holding in Eastport is 3,377,888 common 
    shares, being 6.85% of the issued share capital in Eastport, and acquired 
    at a blended average purchase price of CAD$0.23 per share. 
 
Kalahari Key Mineral Exploration Company (Pty) Ltd ("KKME" or "Kalahari Key") 
 
  * In November 2021, London-listed Kavango Resources plc (LSE: KAV) entered an 
    option agreement with Kalahari Key to acquire up to 51.5% of Kalahari Key 
    from existing shareholders. The company elected to support the transaction 
    but opt to retain its equity interest in Kalahari Key and become subject to 
    a Joint-Venture with Kavango Resources and the remaining interested parties 
    including, AIM-Listed (and largest shareholder of Kalahari Key), Power 
    Metal Resources plc (AIM: POW). 
 
  * In March 2022, Kavango formally terminated their option agreement with 
    Kalahari Key due to factors including insufficient support of certain of 
    the shareholders of Kalahari Key. 
 
  * In May 2022, AIM-listed Power Metal Resources plc (AIM: POW) entered a 
    conditional acquisition agreement with Kalahari Key (supported by all the 
    underlying shareholders of Kalahari Key) that if approved would result in 
    Power Metal Resources owning 87.71% of Kalahari Key. Consistent with the 
    Company's intention, Evrima elected to retain its equity interest in 
    Kalahari Key which if the transaction completes would result in Evrima 
    owning 8.93% of Kalahari Key and entering a shareholder agreement with all 
    parties to govern among a number of items, the capitalisation structure 
    moving forward. 
 
Highlights Post Period End to September 2022 
 
Premium Nickel Resources Ltd ("PNRL" or "Premium Nickel") 
 
  * In August 2022, PNRL completed the Reverse Takeover and business 
    combination and was readmitted to the TSX-V as Premium Nickel Resources Ltd 
    (TSX-V: PNRL) 
 
  * Evrima holds 1,114,115 shares in the Resulting Issuer (PNRL) at an average 
    entry price of $0.21c (Cost of investment: C$220,646.95), in August the 
    shares reached a high of in excess of $2.50 per share CAD. As at 29 
    September 2022, the shares closed at $1.28 CAD. 
 
  * In August 2022, PNRL announce first Assay Results from Selebi, reporting 
    25.65m of 2.03% Cu & 0.95% Ni. 
 
  * In August 2022, PNRL announce the completion of its acquisition of the 
    Selkirk Mine 
 
Eastport Ventures Inc. ("EV" or "Eastport") 
 
  * Concurrent with Evrima realising its first liquidity event in PNRL going 
    public by way of an RTO. Eastport, a significant seed investor in PNRL 
    announced its holding of 2,898,500 shares in TSX-V: PNRL posting a return 
    of in excess of 11,000% on first day of dealings 
 
  * In August 2022, Eastport announced its commencement of an exploration 
    campaign at its 100%-owned Selebi Copper Project. The project is located to 
    the southeast of Premium Nickel Resources Ltds Selebi & Selebi North Mines. 
 
    The Eastport programme will initially focus on soil sampling in areas 
    deemed favourable for mineral deposits recognized during the first phase of 
    exploration; airborne re-processing and archive research. A regional stream 
    sampling survey is also planned. 
 
The programme, scheduled for Q3-4 of this year, will focus on with areas of 
coincident historic soil and electromagnetic ("EM") signatures for example in 
the Tuni area ("Tuni"). There, the targets are associated with coincident 
folded mafic/ultramafic geology, anomalous copper and/or nickel in soils and 
weak to moderate airborne conductors. A historic drill result in the Tuni area 
(Tsetsejwe East target) reported: 1.1% Cu in brecciated ultramafic. 
 
In the Kwena area, an EM anomaly is associated with a 2.4km long nickel and 
copper soil anomaly. Drilling within this anomaly intersected 18m of copper and 
nickel mineralized mafic/ultramafic rock grading up to 0.9% Cu and 0.24% Ni. 
 
Many other anomalous areas were revealed in the research and each will be 
considered for follow up during the next six to twelve months.. 
 
  * After extensive negotiations in September 2022, Eastport announced that it 
    has entered a LOI with TSX-V listed Auston Capital Corp, for a proposed 
    business combination. 
 
    Subject to completion of satisfactory due diligence, the LOI contemplates 
    that Auston and Eastport will negotiate the principal terms of the proposed 
    transaction under which all of the issued and outstanding securities of 
    Eastport will be exchanged for securities of Auston on a to be determined 
    basis. The terms and conditions outlined in the LOI are non-binding on the 
    parties. The proposed transaction would be structured as a three-cornered 
    amalgamation, plan of arrangement or other structure based on the advice of 
    the parties' respective advisers and taking into account various 
    securities, tax, operating and other considerations. The board of Auston 
    cannot confirm the exact number of consideration shares that would be 
    issued to the shareholders of Eastport until such time as Auston and 
    Eastport have negotiated and settled the principal terms of the proposed 
    transaction, at which time the parties will enter into a definitive 
    agreement in respect of the proposed transaction. There can be no assurance 
    that a definitive agreement will be negotiated or entered into. 
 
Kalahari Key Mineral Exploration Company (Pty) Ltd ("KKME" or "Kalahari Key") 
 
  * In September 2022, Power Metal Resources plc (AIM: POW) announced 
    commencement of an inaugural diamond core drill campaign at Kalahari Keys 
    Molopo Farms Nickel-Copper-PGM project. 
 
    Drill Programme 
 
  * Diamond core drilling at drillhole DDH1-6B is now underway and is targeting 
    a large southerly dipping conductor that was identified by the Company's 
    recently completed moving loop electromagnetic ("MLEM") geophysics survey 
    over the priority Target area 1-6 ("T1-6"). 
 
  * DDH1-6B is located 530m to the south of December 2020 drill hole KKME 1-6 

    which intersected significant nickel mineralisation 1, 2   subsequently 
    interpreted to be on the  edge of a large electromagnetic ("EM") conductor. 
 
  * The second diamond core drillhole DDH 1-6C planned for the ongoing drilling 
    campaign will be located 830m to the south of KKME1-6.  Site preparations 
    are underway and will be completed shortly. 
 
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) 
[e-mail] 
 
Simon Grant-Rennick (Executive Chairman) 
[e-mail] 
 
Novum Securities Limited (Corporate Adviser): 
 
David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400 
 
Peterhouse Capital Limited (Corporate Stockbroker): 
 
 
Lucy Williams: [phone] 
 
 
Income Statement for the 6 months ended 30 June 2022 
 
                                                 30 June 2022 
                                                  Unaudited     31 December 30 June 2021 
                                                                   2021      Unaudited 
                                                                  Audited 
 
                                                      £              £           £ 
 
Revenue                                                 5,250             -            - 
 
 
Administrative expenses                              (84,379)     (274,780)     (85,541) 
 
Fair value movement                                  (19,206)     1,338,384       47,811 
 
Loss on sale of fixed asset investment                      -             -            - 
 
Interest payable and similar expense                        -             -            - 
 
Profit/(loss) before taxation                        (98,379)   (1,063,604)    (133,352) 
 
Taxation                                                    -     (135,958)            - 
 
Profit/(Loss) for the period                         (98,379)     (927,646)    (133,562) 
 
Basic earnings per share                              (0.001)          0.02      (0.001) 
 
Diluted earnings per share                            (0.001)          0.01      (0.001) 
 
 
Balance Sheet as at 30 June and 31 December 
 
                                                30 June    31 December          30 June 
 
                                                   2022           2021             2021 
 
                                              Unaudited        Audited        Unaudited 
 
                                                      £              £                £ 
 
Fixed Assets 
 
Tangible assets                                       -              -                - 
 
Investments                                   2,172,417      1,814,387          391,094 
 
                                              2,172,417      1,814,387          391,094 
 
Current assets                                   39,133         35,604                - 
Investments 
 
Trade and other receivables                      27,784        376,059           72,325 
 
Cash and cash equivalents                         1,307        106,119           14,130 
 
                                                 68,224        517,782           81,576 
 
Creditors: amounts falling due                 (89,419)       (92,567)        (152,161) 
within one year 
 
Deferred tax                                  (135,958)      (135,958)                - 
 
                                              2,015,264      2,103,644          325,387 
Total Assets less current 
liabilities 
 
Capital and reserves 
 
Called up share capital                         244,068        244,068          229,667 
 
Share premium account                         1,360,029      1,360,029          673,448 
 
Other reserves                                   44,100         44,100           27,821 
 
Profit and loss reserve                         367,068        455,447        (605,549) 
 
Total equity                                  2,015,264      2,103,644          325,387 
 
 Statement of Changes in Equity as at 30 June 
 
                               Share       Share        Other  Profit and 
                                                                  loss 
 
                             capital     premium     Reserves     Reserves          Total 
 
                                   £           £            £            £              £ 
 
Balance at 1 January 21      229,668     673,448       27,821    (472,199)        458,738 
 
Issue of share capital        14,400     686,581            -            -        700,981 
 
Other income                       -           -       16,279            -         16,279 
 
Loss for the period                -           -            -      927,646        927,646 
 
Balance at 31 Dec 21         244,068   1,360,029       44,100      445,447      2,103,644 
 
 
 
 
Balance at 1 January 22      244,068   1,360,029       44,100      445,447      2,103,644 
 
Issue of share capital             -           -            -                           - 
 
Loss for the period                -           -            -     (98,379)              - 
 
Balance at 30 June 2022      244,068   1,360,029       44,100    (367,068)      2,015,264 
 
 
 
 
END 
 
 

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September 30, 2022 11:56 ET (15:56 GMT)