Amur Minerals Corporation Posting of Q&A ahead of EGM
12 Junho 2020 - 11:40AM
RNS Non-Regulatory
TIDMAMC
Amur Minerals Corporation
12 June 2020
12 June 2020
AMUR MINERALS CORPORATION
(AIM: AMC)
Posting of Q&A ahead of EGM
Amur Minerals Corporation ("Amur" or the "Company"), is pleased
to announce the questions and answers ahead of the Extraordinary
General Meeting (as per the announcement dated 2 June 2020).
Details of the resolutions for consideration can be downloaded
from the Company's website, www.amurminerals.com under "Investor
InfoAim Rule 26".
The General Meeting will be kept as concise and efficient as
possible and physical attendance will be limited to the minimum
number of persons to ensure the meeting is quorate and to conduct
the business of the meeting.
Q. Can you clarify if the 75% majority relates to votes cast
at the EGM or to the total number of shares on issue.
A. 75% of the votes cast at the EGM.
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Q. When can the market expect to be updated on the long-promised
project economics which include the 2018 drilling data.
A. As noted in the RNS dated 11 June 2020, with the completion
of the metallurgical results for the nickel and copper
concentrates, as well as the receipt of non-binding indicative
offtake terms which covers both concentrates (as well
as the by-product metals of platinum, palladium, gold,
silver etc), the Company can now use this information
for the calculation of reserves, cut-off grades, mine
scheduling and the project economics. The ability to generate
and market two concentrates can have a material impact
on the reserves, cut-off grades etc. This work is currently
underway.
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Q. The Board of Directors recently advised the market that
the license was at risk if the lockdown was extended indefinitely
and an extension to the 1(st) December 2020 deadline not
granted. Could you also please advise whether an extension
has been sought to the deadline, if it hasn't yet, will
it. If so, are the board of directors confident it will
be granted.
Is AMC still on target to complete its TEO by December
20 given that countries have started lifting restrictions?
Can you also advise if the 1st December TEO deadline will
be met and if not, the company has applied for an extension
and what are its chances of being granted?
A. As noted in the announcements made on the 1 June 2020
and 11 June 2020, progress on the TEO is proceeding, and
on schedule. The Board and management are closely monitoring
progress and the projected timings to completion.
As a note - the Russian Federation subsoil law allows
us to file for an extension should this be necessary.
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Q. Last year various Directors and Senior Staff sacrificed
their salary and took shares at a later date. Could you
please advise whether this is still continuing? If so,
which Directors and Senior Staff are taking part.
Are all the Directors continuing to take shares in lieu
of salary?
A. As noted in the RNS dated 2 December 2019, certain Directors
and Executive Management participated in a subscription
of shares in satisfaction of salaries and fees. The option
to take shares in lieu of cash is open to all Directors
and Executive Management. The Company must be in an open
period for such grants of shares to be placed.
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Q. The reasons given for the EGM and share issue authority
state that the shares are to be used for Mergers, Acquisitions
& Investments. Could you please provide examples of the
type of investments that the Board of Directors would
likely consider.
A. Please refer to the Notice of General Meeting, section
2, first paragraph:
"... opportunities such as mergers, acquisitions or investments
which would benefit the Company's business. Such potential
transactions include acquiring interests in revenue generating
assets or financial instruments within the mining sector
to provide the Company with a reliable source of income
going forward, or where the Company will be able to add
short to medium-term value"
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Q. The company has recently raised funds, apart from the
loan repayment, how have the funds been used?
A. Work completed to progress the TEO, as noted in the Company's
announcement's throughout 2020, has resulted in:
* Completion of the Base Line Environmental assessment
* Completion of the Rock Mechanics assessment
* Completion of Hydrological assessment
* Completion of Crushing and Grinding metallurgical
testwork defining comminution requirements
* Completion of the generation of a bulk concentrate
* Completion of the Copper Concentrate test work
Looking forward the following undertakings are underway:
* Reserves calculation
* Cut-off grade determination
* Mine scheduling
* Operating cost updates and adjustments to mine
capital requirements
* Project Economic assessment
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Q. Could you please advise whether an NDA or other form of
confidentiality agreement is in place for a Merger, Acquisition
or Investment for which the requested share issue authority
is anticipated to be required for?
A. As often discussed in many of Amur's presentations, the
definition of a Non-Disclosure Agreement precludes the
Company from discussing the existence or absence of any
such NDA.
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Q. Given you want a huge increase in the number of shares,
can shareholders be given a chance to vote on future placings
and reasons as to why they are required?
A. As noted in the Notice of General Meeting, section 2,
second paragraph:
"The Board therefore wishes to seek shareholder approval
for the authorities set out in the Notice of General Meeting,
in order to move quickly to completion when any proposed
merger, acquisition or investment is agreed and be in
a position to utilise share authorities."
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Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance Blytheweigh
LLP
Robin Young CEO Richard Morrison Megan Ray
Soltan Tagiev Tim Blythe
+44 (0) 20 7138
+7(4212)755615 +44(0)20 3470 0470 3203
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Mr. Robin Young. Mr. Young is a
Geological Engineer (cum laude), a Professional Geologist licensed
by the Utah Division of Occupational and Professional Licensing,
and is a Qualified Professional Geologist, as defined by the
Toronto and Vancouver Stock Exchanges and a qualified person as
defined by the AIM Rules for Companies. An employee of Amur for 15
years, previously Mr. Young was employed as an independent
consultant with Fluor Engineers, Fluor Australia and Western
Services Engineering, Inc. during which time his responsibilities
included the independent compilation of resources and reserves in
accordance with JORC standards. In addition, he was the lead
engineer and participant of numerous studies and projects requiring
the compilation of independent Bankable Studies utilised to finance
small to large scale projects located worldwide. Mr. Young is
responsible for the content of this announcement.
For further information, and Company updates see the Company
website at www.amurminerals.com and twitter page @
amur_minerals.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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June 12, 2020 10:40 ET (14:40 GMT)
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