Emmerson PLC has released an update on its Q1 2024 activities, including an equity placing and retail offer. The company has raised US$2.175 million from the issuance of new ordinary shares to strategic investors and will soon launch a retail offer to existing shareholders. The update includes progress on environmental approval, with the company preparing a revised Environmental Impact Assessment (EIA) to address concerns raised by the Commission Régionale Unifiée d'Investissement (CRUI). The revised EIA incorporates improvements from the Khemisset Multi-mineral Process (KMP), aiming to address water-related concerns.

The company has completed a scoping study on the KMP, introducing new proprietary technology into the development of the Khemisset Potash Project. Additionally, Emmerson has entered into a subscription agreement with Global Sustainable Minerals Pte Ltd (GSM) and Gold Quay Capital Pte Ltd (GQC), with GSM subscribing for US$2.0 million of new shares and GQC for US$175k at a placing price of 1.75 pence per share. This represents a discount of 16.4% to the company's 5-day VWAP.

Upon completion of the subscriptions, GSM and GQC will be beneficially interested in 20.30% and 2.64% respectively of the company's issued share capital. The strategic investors will also receive warrants to subscribe for new shares. As a result of its shareholding exceeding 20%, GSM will have the right to appoint a representative to Emmerson's board of directors. The funds raised will be used to advance studies related to KMP towards feasibility level and for general working capital requirements.

Graham Clarke, CEO of Emmerson, expressed confidence in the revised EIA and the support from strategic investors, stating, "The US$2.175 million subscription with our Strategic Investors is a sign of their continued support for the Project." The company also intends to make an offer of shares at the same placing price available on the REX platform for existing shareholders.