EMM Emerging Mkt

TIDMEMM

RNS Number : 9151P

Emerging Market Minerals PLC

11 June 2015

11 June 2015

Emerging Market Minerals Plc

("Emerging Market Minerals" or the "Company")

Directorate Change and Corporate Update

Emerging Market Minerals (AIM: EMM), the AIM listed uranium, thorium, base and precious metals and gemstones exploration and development company operating in Madagascar, announces that Mr William Redford has resigned as a Non-Executive Director of the Company with immediate effect.

Mr Redford joined the board in September 2014 as a representative of Kijani Resources Limited ("KRL"), an existing substantial shareholder in the Company. On 1 June 2015, the Cayman Islands Monetary Authority ("CIMA") issued a public notice stating, inter alia, that certain representatives of PwC Corporate Finance & Recovery (Cayman) Limited ("PwC") had been appointed by CIMA to assume control of the affairs of Brighton SPC and administer its affairs in the best interests of its investors and creditors. KRL is a wholly owned special purpose vehicle of the Kijani Commodity Fund which is a segregated portfolio of Brighton SPC, an entity regulated and licensed in the Cayman Islands. In light of the aforementioned appointment of PwC to administer the affairs of Brighton SPC, Mr Redford no longer deems it appropriate to remain a director of the Company. The Board will seek to identify and recruit an appropriate replacement non-executive director in due course.

Further to the Company's interim results announcement of 26 March 2015, the group's early stage Marodambo Project in Madagascar, focused on exploration for uranium and thorium, remains on a care and maintenance footing, pending receipt of the requisite environmental clearances and approvals from the relevant Madagascan government authorities in respect of the potential Phase 2 exploration work programme for the project. The Board continues to diligently assess further potential opportunities to expand the Company's asset portfolio in line with its stated strategy, but has yet to identify a suitably compelling proposition, at an appropriate valuation.

As set out in the unaudited interim results announcement of 26 March 2015, as at 31 December 2014 the group had cash reserves of approximately GBP66,000 and net assets of approximately GBP732,000. As at 31 May 2015, the group had unaudited cash reserves of approximately GBP22,000.

The Company is currently in discussions with certain of its major shareholders and other potential funding providers to secure additional working capital and a further announcement will be made in due course. As set out in its interim results announcement, the Company anticipates raising additional equity and/or debt finance as necessary going forward to ensure that the group maintains an appropriate capital structure and is able to fund its ongoing working capital requirements and potential future development opportunities. The directors have deferred all of their salary and fee entitlements for the year to date and will continue to do so until additional working capital has been secured.

For further information, please contact:

 
 Emerging Market Minerals Plc                Tel: +61 8 9368 4966 
 Bernard Olivier, Executive Chairman         Mob: +61 4 0894 8182 
 
 Strand Hanson Limited (Nominated Adviser)   Tel: +44 (0)20 7409 3494 
 James Harris 
 Matthew Chandler 
 James Dance 
 
 Pareto Securities Limited (Broker)          Tel: +44 (0)20 7786 4370 
 Guy Wilkes 
 
 or visit: www.emergingmarketminerals.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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