Business
Placing, Appointment of Joint Broker & TVR
Placing, Appointment of Joint Broker & TVR.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n31 July 2024\nEcho Energy PLC\n(\"Echo\" or the \"Company\")\nPlacing, Termination of Convertible Loan Note Deed, Appointment of Joint Broker & Total Voting Rights\nEcho (LON:ECHO), the Latin America focused natural resources company, is pleased to announce it has successfully raised, via Peterhouse Capital Limited, £418,245 before expenses through the allotment and issue of 16,729,800,000 new ordinary shares (\"Placing Shares\") at a price of 0.0025p per share (the \"Placing\"). Proceeds of the Placing will be used to:\n· enable the Company to initiate production at the Tesoro Gold Concession (\"Tesoro\"), through its 50%-owned Peruvian joint venture, Boku Resources SAC (\"Boku\"), by September 2024;\n· prepare for a final investment decision on the first identified tailings deposit project; and\n· strengthen the Company's balance sheet.\nThe Placing Shares will be issued in two tranches, with the first tranche, comprising 12,530,620,200 new ordinary shares (the \"Unconditional Placing Shares\") being issued immediately pursuant to Admission as detailed below, and the second tranche, comprising 4,199,179,800 new ordinary shares (the \"Conditional Placing Shares\") being issued conditional upon the Company's shareholders granting authority in a general meeting for sufficient number of ordinary shares in the Company to be issued. A further announcement and shareholder circular will be issued in connection with the general meeting in due course.\nThe Company will issue one warrant for every Placing Share at an exercise price of 0.005p for a period of 24 months from the date of Admission of the Conditional Placing Shares to AIM.\nTermination of Convertible Loan Note Deed\nThe Company also announces it has terminated the convertible loan note deed (the \"Agreement\"), the details of which were notified on 6 June 2024, by mutual consent of the parties. Following the termination, no further funding...