TIDMSRB
Notice of Annual General Meeting
The Company announces that its Annual General Meeting will be
held on Tuesday 27 June 2023, at the offices of Travers Smith LLP,
10 Snow Hill, London EC1A 2AL, England at 2.00 pm (BST). The
Company has published the formal notice of the meeting (the
"Notice") on its website which can be accessed using the following
link
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https://bit.ly/4
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BcdkI. Proxy voting forms are being posted to all shareholders
providing details of how to access the Notice and instructions for
voting. A copy of the Notice together with proxy voting forms is
being posted to all shareholders who are required to receive or
have formally requested to receive these documents.
The Notice contains a letter from the Chairman of the Company,
Mr Michael Lynch-Bell, which is set out below in Appendix 1.
The person who arranged for the release of this announcement on
behalf of the Company was Clive Line, Director.
Enquiries
SERABI GOLD plc
Michael Hodgson t +44 (0)20 7246 6830
Chief Executive m +44 (0)7799 473621
Clive Line t +44 (0)20 7246 6830
Finance Director m +44 (0)7710 151692
e contact@serabigold.com
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www.serabigold.com
BEAUMONT CORNISH Limited
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish t +44 (0)20 7628 3396
PEEL HUNT LLP
Joint UK Broker
Ross Allister t +44 (0)20 7418 9000
TAMESIS PARTNERS LLP
Joint UK Broker
Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868
CAMARCO
Financial PR
Gordon Poole / Emily Hall t +44 (0)20 3757 4980
Copies of this announcement are available from the Company's
website at www.serabigold.com.
See
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www.serabigold.com for more information and follow us on twitter
@Serabi_Gold
Appendix 1
The letter from the Chairman of the Company included in the
Notice is reproduced below (without material adjustment or
amendment):
"Dear Shareholder
This document provides the formal notice (the "Notice") of the
2023 Annual General Meeting of the Company to be held at Travers
Smith LLP, 10 Snow Hill, London EC1A 2AL England on 27 June 2023 at
2.00 p.m. (London time) (the "AGM"). The purpose of the AGM is to
seek Shareholders' approval of the resolutions.
Action to be taken by Shareholders
A Form of Proxy for use by Shareholders accompanies this
document. To be valid, Forms of Proxy must be completed and
returned so as to be received at either the offices of the
Company's UK Registrar, Computershare Investor Services Plc, The
Pavilions, Bridgwater Road, Bristol, BS99 6ZZ or the offices of the
Company's Canadian Registrar, Computershare Investor Services Inc.,
100 University Avenue, 8(th) Floor, Toronto, Ontario M5J 2Y1 by not
later than 2.00 p.m. (London time) (9.00 a.m. Eastern time) on 25
June 2023. Alternatively, Shareholders can appoint a proxy
electronically by going to either www.investorcentre.co.uk/eproxy
(for UK appointments) or www.investorvote.com (for Canadian
appointments) or, if they hold their shares in CREST, Shareholders
can appoint a proxy using the CREST electronic proxy appointment
service, in each case by not later than not later than 2.00 p.m.
(London time) (9.00 a.m. Eastern time) on 25 June 2023 in
accordance with the instructions set out in the "Proxy
Instructions" section below and the Form of Proxy.
Completion and return of a Form of Proxy will not prevent
Shareholders from attending and voting in person at the AGM should
they so wish.
Beneficial Shareholders (as defined in the "Voting by Beneficial
Shareholders" section below on page 14) should note that only
registered Shareholders or their duly authorised proxy holders are
entitled to vote at the AGM. Each Beneficial Shareholder should
ensure that their voting instructions are communicated to the
appropriate person well in advance of the AGM.
Electronic Communications
The Company actively encourages all shareholders to register for
the electronic communications service. UK Shareholders can elect
for electronic communications and manage their shareholdings online
at
https://www.globenewswire.com/Tracker?data=_xBgBYz2EZh6N4skHhEEmxe97gdpoZ-2bRNjEaJAFuuuIWQot63hhZFD7LB-AzjXZW-EyO7yqBdb-wXk2zA4I4eC1b0ujGhv-MTWxmn6LJw=
www.investorcentre.co.uk.. Canadian shareholders can enrol to
receive future securityholder communications electronically by
visiting
https://www.globenewswire.com/Tracker?data=_xBgBYz2EZh6N4skHhEEmxe97gdpoZ-2bRNjEaJAFuuAmKaIy9IXTjTacDnyyX7i2yoNaUJIuwMUMoMTvdCLKO3Iojln8DZ1OztX08Iv4jI=
www.investorcentre.com.
Background
This will be the first Annual General Meeting of the Company
since I took on the role of Chair of Serabi in August 2022. This
first year has been extremely rewarding and confirmed my original
belief, when I was initially approached to take on the position of
Chair, of Serabi's potential to deliver strong growth for its
shareholders. Coringa whilst still in development is currently
exceeding our expectations and it has been extremely exciting to
have joined forces with Vale SA, the major Brazilian mining group,
in a copper exploration alliance over the tenements around the
Palito and Sao Chico mines. I consider that this is a significant
endorsement of the exploration potential of the Tapajos region.
With Vale being willing for Serabi to retain 100% of any gold
exploration successes that arises from the work that will be
financed by them, it provides Serabi shareholders with significant
upside potential without any financial commitment.
The exploration programme covered by this alliance started at
the beginning of April and this arrangement with Vale brings with
it up to US$5 million of exploration funding over the next nine
months. Should Vale opt to move to the next stage they would commit
to solely fund all the expenditure for any copper related project
up to a pre-feasibility stage, which could be over several years.
If that study was favourable, it is intended that a formal joint
venture entity would be established in which Serabi would hold 25%
but Vale would nonetheless continue to solely fund all further
expenditures required for the production of a definitive
feasibility study. This is an excellent opportunity for Serabi and
its shareholders to have a risk-free exposure to one or more
potentially significant copper discoveries in the region. The costs
of copper exploration, and in particular the evaluation of copper
porphyry style mineralisation, would otherwise be outside of the
budget capabilities of your company and at the same time it allows
management to focus on the core activities of growing the Group's
gold production and identifying new gold development
opportunities.
We have previously informed shareholders that the next stage of
licencing for Coringa was contingent upon the preparation of an
indigenous impact report ("ECI") which the authorities first
requested in late 2021 despite these same agencies having
previously advised that an ECI was not required. The ECI was
finalised at the end of April 2023, and is now being reviewed by
the indigenous communities and will then be passed to FUNAI, the
government agency responsible for the Brazilian indigenous people,
for their final approval. We expect that the final approval of the
study and its positive conclusions will unlock the delay in the
award of the Installation Licence by SEMAS, the state environmental
authority. In the meantime, we are separately progressing the
renewal of the existing trial mining licence ("GUIA") under which
the current mining activities are authorised which will ensure that
mine development and ore production can continue. With the ECI
completed and approved by all necessary parties, the requirement of
the Brazilian court order of August 2022 will be satisfied. At this
current time, we therefore believe the legal departments of SEMAS
and the ANM will no longer be restricted in their ability to issue
new licences for the project.
I take this opportunity to reaffirm that in respect of Coringa,
Serabi has at all times complied promptly with the licencing
demands made of it by the relevant authorities. Since acquiring the
project at the end of 2017, we have been engaged with the local
community of the PDS Terra Nossa as well as the indigenous tribes.
Some recent press stories have emerged, questioning the Company's
activities at Coringa. Since these stories appeared we have
received letters of support for the ongoing development of the
project from representatives of both of these groups. In 2019 we
amended the development plan for Coringa to install a dry tailings
solution for the project in recognition of environmental concerns
of using wet tailings facilities. With the current plan to use the
Palito processing plant, and only have a crusher and ore sorter at
Coringa, this further reduces the impact on the local
communities.
The matters being considered at the 2023 Annual General Meeting,
as set out in the Notice are, for the most part, items that are
routinely considered at such meetings.
I am very much looking forward to meeting with shareholders at
the AGM and having the opportunity to discuss with them my hopes
and expectations for Serabi for the coming years.
Canadian Designated Foreign Issuer Status
The Company is a "designated foreign issuer" for the purposes of
Canadian Securities Administrators' National Instrument 71-102 --
Continuous Disclosure and Other Exemptions Relating to Foreign
Issuer ("NI 71-102") and, as such, the Company is not subject to
the same ongoing reporting requirements as most other reporting
issuers in Canada. Generally, the Company complies with Canadian
ongoing reporting requirements by complying with the regulatory
requirements of AIM, which is a "foreign regulatory authority" (as
defined in NI 71-102), and filing any documents required to be
filed with or furnished to AIM with the securities regulatory
authorities in Canada.
Recommendation and importance of vote
The Directors consider that the resolutions set out in the
Notice being put to the AGM are in the best interests of the
Company and its Shareholders and are most likely to promote the
success of the Company for the benefit of the Shareholders as a
whole.
Accordingly, the Directors unanimously recommend that
Shareholders vote in favour of the proposed resolutions as they
intend to do in respect of their own holdings, where relevant,
amounting to an aggregate of 143,398 Ordinary Shares, representing
approximately 0.2% of the Company's Ordinary Shares in issue at the
date of this document.
Yours faithfully
(Signed) "Michael D Lynch-Bell"
Michael D Lynch-Bell
Non-executive Chairman"
Assay Results
Assay results reported within this release are those provided by
the Company's own on-site laboratory facilities at Palito and have
not yet been independently verified. Serabi closely monitors the
performance of its own facility against results from independent
laboratory analysis for quality control purpose. As a matter of
normal practice, the Company sends duplicate samples derived from a
variety of the Company's activities to accredited laboratory
facilities for independent verification. Since mid-2019, over
10,000 exploration drill core samples have been assayed at both the
Palito laboratory and certified external laboratory, in most cases
the ALS laboratory in Belo Horizonte, Brazil. When comparing
significant assays with grades exceeding 1 g/t gold, comparison
between Palito versus external results record an average
over-estimation by the Palito laboratory of 6.7% over this period.
Based on the results of this work, the Company's management are
satisfied that the Company's own facility shows sufficiently good
correlation with independent laboratory facilities for exploration
drill samples. The Company would expect that in the preparation of
any future independent Reserve/Resource statement undertaken in
compliance with a recognised standard, the independent authors of
such a statement would not use Palito assay results without
sufficient duplicates from an appropriately certificated
laboratory.
Forward-looking statements
Certain statements in this announcement are, or may be deemed to
be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"will" or the negative of those, variations or comparable
expressions, including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such forward
looking statements re ect the Directors' current beliefs and
assumptions and are based on information currently available to the
Directors. A number of factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward-looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements.
Qualified Persons Statement
The scientific and technical information contained within this
announcement has been reviewed and approved by Michael Hodgson, a
Director of the Company. Mr Hodgson is an Economic Geologist by
training with over 30 years' experience in the mining industry. He
holds a BSc (Hons) Geology, University of London, a MSc Mining
Geology, University of Leicester and is a Fellow of the Institute
of Materials, Minerals and Mining and a Chartered Engineer of the
Engineering Council of UK, recognizing him as both a Qualified
Person for the purposes of Canadian National Instrument 43-101 and
by the AIM Guidance Note on Mining and Oil & Gas Companies
dated June 2009.
Neither the Toronto Stock Exchange, nor any other securities
regulatory authority, has approved or disapproved of the contents
of this news release
(END) Dow Jones Newswires
May 30, 2023 04:00 ET (08:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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