Nyota Minerals Limited Cancellation of listing (4960R)

TIDMNYO

RNS Number : 4960R

Nyota Minerals Limited

21 September 2017

For immediate release 21 September 2017

Nyota Minerals Limited

('Nyota' or 'the Company')

Cancellation of listing

It is with regret that the Company announces that the listing of its shares on the AIM market of the London Stock Exchange will be cancelled with effect from 7am tomorrow morning. The cancellation is the result of the application of AIM Rule 1 which requires listed companies to have a nominated adviser ('Nomad') at all times.

As explained in previous announcements to shareholders following Beaumont Cornish's resignation as Nyota's Nomad, in the event that a replacement Nomad were not appointed by the Company by 17 September, the listing of the Company's shares on AIM would have been cancelled. On 11 September the Company agreed to appoint a new Nomad. On 13 September the proposed Nomad withdrew its agreement to act, confirming at the same time that this decision was un-connected with any assessment of the Company or its directors.

With the assistance of its brokers, the Board was able, before the listing cancellation date, to secure an expression of interest from an alternative Nomad; and, given the circumstances, an extension to the cancellation date was provided.

However, speculative and specious market comment about the Company over the weekend of the 16/17 September led to the prospective Nomad revising its estimate of the time that it required to complete its due diligence. This in turn resulted in the prospective period between the lifting of the suspension of trading on the appointment of a new Nomad and the resumption of the suspension of trading on 5 October (being six months since Nyota became an AIM Rule 15 cash shell company) being too short for the proposed investors. Consequently, because the conditions attaching to the placing announced on 21 August had not been satisfied, the prospective investors withdrew their agreement to subscribe for new shares in the Company.

The Company has no other prospective investors and so the alternative Nomad has advised that it is no longer considering appointment. As a consequence the Company's shares will be de-listed from AIM with effect from 7am tomorrow morning, 22 September.

Shareholders will appreciate that the delicate nature of the discussions outlined above has precluded an announcement before now. The Company's directors have taken every possible step to preserve the long-term future of Nyota and have done so whilst taking no remuneration from the Company for periods of between three and seven months. They have, sadly, been thwarted by a combination of unforeseeable events and are now taking advice about the solvency of the Company.

For further information please visit www.nyotaminerals.com or contact:

 
 Sergey Budkin     Chairman, Nyota Minerals 
                    Limited 
================  ==========================  =========== 
 Lucy Williams,    Peterhouse Corporate        +44 (0) 20 
  Eran Zucker       Finance Limited             7469 0930 
================  ==========================  =========== 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 21, 2017 12:35 ET (16:35 GMT)