Trading Statement for Q1 2016

RNS Number : 1690B

Equatorial Mining & Exploration PLC

14 June 2016

 

14^th June 2016

Equatorial and Mining Exploration PLC ("EME" or "the Company")

Trading statement for the first quarter period: January to March 2016

In accordance with the ISDX Growth Market - Rules for Issuers, Part 2 paragraph 50, Equatorial Mining and Exploration Plc is obliged to announce a trading statement in relation to the first quarter of 2016. This follows EME's recently modified Going Concern status as disclosed in the annual accounts for the year ended December 2015.

In the Chairman's statement, announced as part of the annual accounts on 31^st May 2016, a summary of trading to the date of the announcement was made along the following lines:

The Company had engaged the services of a contract mining company to open up an access road into the centre of a planned Mining Lease in anticipation of its imminent grant. Encouragingly, EME's operating company in Nigeria, received a letter of confirmation from the Mining Cadastre Office in April that the Lease would be granted subject to the payment of a final fee amounting to about £15,000.00.

Since the receipt of the above mentioned letter, the Company has maintained discussions with the its share, warrant and loan holders concerning the urgent need for additional funding to advance the exploration plan and as working capital to maintain the fabric of the Company.  Such discussions continue and in the meantime the directors have limited EME's activity to the bare essentials needed to preserve the Company's existence.

The Company will announce a half year trading update at the end of this month.

Enquiries:

Equatorial Mining & Exploration Plc:                                        

Email: [e-mail]

Nicholas Nelson, Executive Chairman

CORPORATE ADVISER AND CONTACT DETAILS:

Alexander David Securities Limited

David Scott - Head of Corporate Finance

James Dewhurst - Institutional Sales 

Telephone: [phone]

http://www.ad-securities.com

49 Queen Victoria Street, London EC4N 4SA 

The directors of Equatorial and Mining Exploration PLC accept responsibility for this announcement.

 

END

 

 

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