This announcement contains inside information for the purposes of Article 7 of the
28 August 2024
Echo Energy PLC
("Echo" or the "Company")
Results of General Meeting, Issue of Equity and Change of Name
Echo (LON:ECHO), the
The results of the GM were determined by way of a poll and the results were as follows:
Resolutions |
For |
% |
Against |
% |
Withheld |
1 |
3,074,735,891 |
99.993 |
206,672 |
0.007 |
73,740,949 |
2 |
3,060,340,992 |
99.993 |
224,025 |
0.007 |
88,118,495 |
3 |
3,056,324,753 |
99.396 |
18,565,540 |
0.604 |
73,793,219 |
4 |
2,834,585,330 |
92.616 |
225,979,687 |
7.384 |
88,118,495 |
5 |
2,825,971,845 |
92.335 |
234,593,172 |
7.665 |
88,118,495 |
6 |
2,825,375,858 |
91.885 |
249,514,435 |
8.115 |
73,793,219 |
1. A "Vote withheld" is not a vote in law and is not counted in the calculation of the percentage of shares voted "For" or "Against" any resolution.
2. Any proxy appointments which gave discretion to the chairman of the meeting have been included in the 'For' total.
Further to the RNS announcement dated 31 July 2024, the 4,199,179,800 Conditional Placing Shares are now to be issued and admitted to trading on AIM. As also announced, the 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 (as detailed below). Accordingly, the Company will be issuing 16,729,800,000 such warrants to investors in due course.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the Conditional Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will take place at 8.00 a.m. on or around 30 August 2024.
In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Conditional Placing Shares, its issued ordinary share capital will comprise 39,768,375,407 Ordinary Shares. All the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 39,768,375,407. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or a change to their interest in, the Company.
Operational Update
The mine site at the Tesoro Gold Concession in
Working Capital
As noted in the Company's full year results for the year ended 31 December 2023, the Company's cash position continues to be constrained, and whilst the Company is continuing to manage its cash position carefully, as is the case with many early-stage exploration and mining companies, additional funding will be required in the future to enable the Company to further develop its Peruvian assets.
Change of Name
Shareholders also approved at the GM today the change of the Company's name to Nativo Resources plc. Accordingly, an application has been made to register this change of name. Such change will take effect upon receipt of confirmation from Companies House. A further announcement will be made in due course upon receiving this confirmation, following which trading of the Company's shares will trade on AIM under the new name and with a new TIDM (AIM: NTVO). The Company's ISIN and SEDOL numbers will remain unchanged.
Stephen Birrell, Chief Executive Officer of Echo, commented:
"We are pleased that shareholders have supported the board in passing the resolutions at the General Meeting. Management is focussed on delivering first gold production in September, which remains on track. Further investment will be required to scale production beyond the first mine and to progress the tailings assets towards a final investment decision and production in 2025."
All defined terms in this announcement will have the same meaning as those in the RNS announcement dated 31 July 2024 unless specified otherwise.
For further information please contact:
Echo Stephen Birrell, Chief Executive Officer |
Via Vigo Consulting
|
Zeus Capital Limited (Nominated Adviser and Joint Broker) James Joyce James Bavister Isaac Hooper |
Tel: +44 (0)20 3829 5000 |
Peterhouse Capital limited (Joint Broker) Duncan Vasey Lucy Williams |
Tel: +44 (0)20 7469 0930 |
Vigo Consulting (Investor Relations) Ben Simons Peter Jacob |
Tel: +44 (0)20 7390 0234 |
About Echo
Following the partial divestment of its assets in
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