Kalahari Key is a private mineral exploration company registered in Botswana, engaged in the development of its Nickel-Copper-Platinum Group Metals (Ni-Cu-PGM) project called the Molopo Farms Complex (“MFC”). The Company is currently interested in 14.88% of the issued share capital of Kalahari Key.
In September 2020, the company already a minority shareholder of Kalahari Key (2.4% investment interest) engaged in commercial discussions with two of the four founders of Kalahari Key. The result of the discussions led to the company entering an option agreement with two of the four founders (“the grantors” or “the selling parties”) entitling Evrima plc a period to acquire a further 17.2% of Kalahari Key.
In November 2020, the company formally exercised their option to acquire a further 17.2% of Kalahari Key at a cost of £138,000 with the consideration satisfied through the issue of 2,300,000 new ordinary shares allotted at the price of £0.06 (six pence) per share (“Consideration Shares”). In addition to the Consideration Shares, the selling parties were awarded, 2,300,000 warrants over one further new ordinary share each in the capital of the Company at an exercise price of £0.12 (twelve pence) per share and a life to expiry of three years, 4th December 2023.