Business
Warrant conversion update
Warrant conversion update.
About this update from Aterian Plc
[{"type":"text","content":"\n \n \n RNS Number : 6062O\n Eastinco Mining and Exploration PLC\n 02 June 2020\n \n \n \n \n \n Eastinco Mining & Exploration PLc\n \n \n \n \n \n Warrant conversion update\n \n \n \n 02 June 2020\n \n London, England- Eastinco Mining & Exploration PLC (EM.P) is pleased to announce that following its letter to shareholders dated 14 May 2020 requesting the exercise of warrants that shareholders have thus far converted approximately 48 million shares equivalent of warrants with a gross exercise consideration of approximately £720,000. Investors exercising warrants to date have been offered new four year warrants with a 3 pence exercise price for each warrant exercised. \n \n The management \"Concert Party\". have exercised warrants accounting for approximately one-third of the total contributed consideration or approximately £250,000 to improve working capital and reduce company debt, including the reduction of the Augustin facility and elimination of back pay for management at the subsidiary company. All management will continue to refrain from taking salaries, for the time being, to preserve cash. Thus approximately £470,000 of gross cash consideration will be received by the Company from the exercise of the warrants expiring in September 2020. \n \n As stated previously, the Company intends to use the capital:\n \n 1. To supplement the working capital to complete the wash plant, begin mining, and generate positive cash flows at the Kuaka mine site;\n 2. To reduce outstanding debt and/or payables to suppliers and/or company management;\n 3. For exploration work to identify the safest and most efficient sourcing of ore at both Kuaka and Huye sites;\n 4. To progress pending license applications on highly exciting prospective sites; and,\n 5. To establish reserve capital to ride out any demand or supply shocks from the COVID-19 situation.\n \n This announcement was delayed to allow for the subscription by new shareholders. We anticipate that further warrant exercises may occur in the next few days and we will update shareholders and the market as to the exact number of new shares created accordingly. \n \n We are extremely proud of the shareholder response to our request for warrant conversions by existing a...