Provides AMI update following completion of tranche one and two of the funding schedule

07.03.18 | Pressemeldinger

Element has now completed its obligation to fund the first two tranches of the financing agreement with AMI and Legacy Hill Resources Ltd ('LHR'). 

Reference is made to the announcement published on 5 February and the Q4 2017 report. Element has now completed its obligation to fund the first two tranches of the financing agreement with AMI and Legacy Hill Resources Ltd ('LHR'). The Company accordingly hold 21.3% of the issued shares and will upon conversion of all convertible bonds, as agreed, hold 26.7% of the issued shares in AMI. 

As planned, the parties have formalised and agreed to the long term strategy plan for AMI and budget for the current year. AMI is currently in the process of hiring an independent permanent CEO.

On the operational side AMI is in the process of seeking the necessary permits. AMI aims at commencing trial production of pellet feed grade concentrate upon receipt of the advanced exploration license which is currently scheduled for Q3 2018.  Trial production of pellets will commence in due course thereafter.

LHR and Element have agreed to aim for listing of AMI in 2019, which is earlier than initially intended. The potential listing is dependent of a variety of factors and the exact timing is too early to predict, but the parties are already dedicating resources in preparation for the listing. For further information please see the AMI Update attached.

Oslo, 7 March 2018