Marula Announces New Investment Partner

Marula Announces New Investment Partner. Marula Mining, an African focused mining and development company, announces that further to the announcements on 31 January 2023 and 16 February 2023, regarding an investment and co-development partnership with Q Global Commodities Group (“Q Global”), the company has entered into an addendum to the £3,750,000 conditional subscription agreement with K2020273872 (South Africa) Proprietary Limited. K2020273872 is a wholly owned subsidiary of Q Global, one of South Africa’s leading independent commodity, mining, logistics and investment funds.

Under the terms of the Subscription Agreement prior to the recent addendum, K2020273872 had agreed to subscribe for up to £3.75 million through the issue of up to 100 million new ordinary shares of 0.01 pence each in the company at a price of 3.75 pence per new ordinary share, with the funds to be used to accelerate development of the company’s portfolio of advanced battery metals mining projects in Africa.

The subscription agreement has been amended with the subscription now being advanced through AUO Commercial Brokerage LLC (“AUO” or the “Subscriber”, an affiliate of Q Global incorporated in Dubai, which is ultimately controlled and owned by Mr. Quinton Van der Burgh), as the new subscriber and a new party to the subscription agreement. In addition, the subscriber has the option to subscribe for up to a further £4.78 million through the issue of 47,800,000 new Ordinary Shares at a price of 10 pence per new Ordinary Share. Any subscriptions can be made in whole or in part at any time by the subscriber until 31 December 2026. In the event that the subscriber performs services for the company and, as a result, the company owes a debt to the subscriber for services rendered, the subscriber has reserved the right to waive any such debt in part payment for New Ordinary Shares allotted pursuant to any further subscription(s), up to 6.25 pence per new Ordinary Share, with the balance to be paid in cash.

The amended subscription agreement contains standard terms and conditions. In addition, in the event of AUO following the subscription for the entirety of the 147,800,000 new ordinary shares, and where AUO holds 51% or more of the Ordinary Shares of the company’s issued share capital, the company will take reasonable steps to offer AUO a right of first refusal in respect of any issuances of new Ordinary Shares by the company to maintain their percentage ownership above 51%, with the exception of new Ordinary Shares issued to directors and employees under option plans or other incentivisation plans.

Jason Brewer, Marula Mining PLC CEO said:“The investment and co-development partnership with Q Global has already proven itself to be of significant value to Marula and its shareholders. In recent months, with the support of Q Global, the Company has been able to invest heavily in the Blesberg Lithium and Tantalum Mine with the supply of new major mining equipment that Q Global was able to secure from Bell Equipment Limited. The Company has further secured new sensor based XRF ore sorters and commenced an exploration and mining works program at Blesberg through funds already advanced by Q Global, which will be offset against the subscription funds to be received from AUO, following approval of the subscription agreement and a Rule 9 waiver to be granted at a general meeting of the Company.”

“The scale and pace of our investment at the Blesberg Lithium and Tantalum Mine in 2023, as well as the Company’s plans to similarly do so at our other projects in Tanzania, has been possible through this relationship with Q Global and their broad technical and strategic support to our management team. We plan to continue to move forward at pace in the development of our projects, and I look forward to updating shareholders on the progress across our portfolio.” Brewer added.

By Thomas Chiothamisi
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