TIDMMMM
RNS Number : 0715P
Mining, Minerals & Metals PLC
15 February 2021
The information contained within this announcement is deemed to
constitute inside information pursuant to the EU (Withdrawal) Act
and amended pursuant to Market Abuse (Amended) (EU Exit)
Regulations 2019. Upon the publication of this announcement, this
inside information is now considered to be in the public
domain.
15 February 2021
For Immediate Release
Mining, Minerals & Metals plc
("MMM" or the "Company")
Corporate Update and Board Changes
MMM (LSE: MMM), the listed special purpose acquisition vehicle
seeking to acquire and develop one or more businesses that has
operations involved in natural resources, is providing an update on
various corporate matters.
Summary of Share Transfers
MMM has noted the recent share transactions, which have been
disclosed by way of TR1 notifications, in particular, transfers of
the entire shareholdings of Fermain Limited and Haddon Corporation,
who held 3,333,333 and 3,416,667 respectively. The transfer by
Fermain Limited, of which Roy Pitchford is a director, was
undertaken as nominee for other beneficial owners.
The table below provides the new disclosable shareholdings as
made aware to the Company:
Shareholder Shares %
------------------------------------- ------------------ -------
Covalent Energy International Inc 8,666,667 27.04%
Robert Allen Papiri 3,279,800 10.23%
Moshe Capital 3,200,000 9.98%
Michael Sobeck 2,522,877 7.87%
Christopher Latilla-Campbell 1,250,000 3.90%
VSA Capital Private Investments PLC 1,177,061 3.67%
Matthew Bonner 1,100,000 3.43%
Paul Welker 1,100,000 3.43%
Eric Dyer 1,000,000 3.12%
Note: Tangiers Investment Group LLC, a company, of which both Mr
Papiri and Mr Sobeck are members, also has a shareholding of
947,323 shares.
The Company's total issued share capital with voting rights is
32,049,999. This number represents the total voting rights in the
Company and may be used by shareholders as the denominator for the
calculations by which they can determine if they are required to
notify their interest in, or a change to their interest in the
Company under the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules.
Update on the potential strategic investment
On 4 December 2020, the Company announced that it was in
discussions with a potential strategic investor that may subscribe
for shares in the Company that may result in a shareholding by the
investor of over 30% in the voting rights of the Company.
Discussions with a potential investor are ongoing although the
Company stresses there is no guarantee that an agreement will be
reached on such an investment, or what a resultant percentage
holding might be subscribed for, or at what price any investment
might be made.
Update on board changes
Matthew Bonner (non-executive chairman) and Andrew Monk
(non-executive director) have both stepped down from the Board of
MMM with immediate effect to devote time to other business
interests.
Simultaneously, MMM is delighted to announce that Jonathan
("Johnny") Martin Smith has joined the Board with immediate
effect.
Johnny is currently the CEO of Sumner Group Mining plc (formerly
VI Mining) and has extensive experience in the mining industry,
having started as a mining analyst with the stockbroker, Davis
Borkum Hare (latterly Bank of America Merrill Lynch) in 1983 in
Johannesburg, before moving to London where he worked in specialist
mining sales for SG Warburg. Subsequently he worked at UBS, Credit
Suisse and Williams de Broe. He founded Smiths Corporate Advisory
in 1999 which he developed into a leading investor relations
business focused on the mining sector, and then sold to Westhouse
Holdings in 2011, where he became head of mining. He is an
Independent Non-Executive Director of IRC Limited and Chairman of
its Remuneration Committee.
Johnny's current and past directorships
IRC Ltd HK Iron Ore Mining- Independent Non-Executive Director
(October 2010 - present)
VI Mining Gold processing - Independent Non-Executive Director
(Jan 2019 - Sept 2020)
There are no further disclosures to be made in connection with
Johnny's appointment.
Commenting on Mr Bonner and Mr Monk's d eparture as well as Mr
Martin-Smith's appointment to the Board, Roy Pitchford,
non-executive director, said:
"On behalf of the Board, I would like to thank Matthew and
Andrew for their contribution to the development of the Company and
wish them well in the future. I'm delighted to welcome Johnny to
the Board of MMM, Johnny joins us with extensive experience in the
mining industry and I am confident that he will provide the right
balance of challenge and independence. I am also confident that he
can contribute greatly in our search for RTO candidates given his
credentials."
Update on acquisition search
The Company has noted speculation about whether a Reverse
Takeover transaction is being progressed. The Board has been active
in its search for acquisition opportunities in the mining and oil
and gas sectors and continues to review potential acquisition
candidates. However, there is not currently any specific
acquisition in progress.
Cash position
As at the year-end of 31 January 2021, the Company had a cash
position of GBP363,652.
Further information
For further information, please visit the Company's website :
www.mmmplc.com
Mining, Minerals & Metals plc
Roy Pitchford, Non-Executive Director
VSA Capital Limited - Financial Adviser and Broker
Andrew Raca
M aciek Szymanski +44 (0) 20 3005 5000
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