Primorus Investments PLC Greatland Gold Investment Update (1479E)

TIDMPRIM

RNS Number : 1479E

Primorus Investments PLC

04 November 2020

Primorus Investments plc

("Primorus" or the "Company")

Greatland Gold Investment Update

Primorus Investments plc (AIM: PRIM, AQSE: PRIM) is pleased announce that it has completed the sales of its remaining shareholding in Greatland Gold plc ("Greatland") (AIM: GGP). The Company sold 20,000,000 shares at an average price of 23.09 pence per share, for gross proceeds of approximately GBP4,600,000 through a structured series of sales. As a result, the Company no longer has an interest in the shares of Greatland.

The Board of Primorus is pleased to have realised in excess of GBP6,500,000 over the life of its investment in Greatland having made the investment of approximately GBP630,000 in the company in late 2018 and early 2019.

The Directors intend to reinvest the proceeds of the share sales in accordance with the Company's stated investing policy.

Alastair Clayton, Executive Director of the Company, commented: "The Greatland Gold investment has, by any measure, been extremely successful. Having made a high-conviction investment call in late 2018, it has been hugely satisfying to watch Greatland grow to a market cap in excess of GBP800 million. Whilst the outlook for Greatland is extremely positive, after nearly 2 years, it is time for Primorus to realise its remaining gains and look to re-invest elsewhere in accordance with its investment mandate. Current cash reserves of Primorus now exceed the market capitalisation of the Company."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

 
                                 [phone] 
Primorus Investments plc:         0640 
Alastair Clayton 
 
                                 [phone] 
Nominated Adviser:                0880 
Cairn Financial Advisers LLP 
James Caithie / Sandy Jamieson 
 
                                 [phone] 
Broker:                           0050 
Turner Pope Investments 
Andy Thacker / Zoe Alexander 
 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

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November 04, 2020 02:00 ET (07:00 GMT)