Latest Breaking News On - Eastern minerals project - Page 8 : comparemela.com
Posted on April 3rd, 2021
Prof. Asoka Bandarage
The recent UN Human Rights Council (UNHRC) resolution A/HRC/46/L.1/Rev.1
of March 16 has brought extensive charges against Sri Lanka over alleged human
rights violations, but is arguably seriously
flawed. Opportunistic and strategic use of
human rights by the western powers to maintain hegemony continually ignore violations
of the rights of nature and humanity rooted in the destructive model of
economic development the same powers introduced to the world.
Historical Background
Ancient Sri Lanka was known for its
Buddhist eco-centric approach to life. The origin of the contemporary ecological
and social crisis can be traced to the colonial period
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Issue of Equity Capital Metals Plc (AIM: CMET) is a natural resources company focussed on the development of the Eastern Minerals Project in Sri Lanka, one of the highest grade mineral sands projects globally . The Company announces the issue of 247,891 ordinary shares of 0.2 pence each ( the Shares ) to settle the interest component of convertible bonds ( the Convertible Bonds ) previously issued by its subsidiary, Capital Metals Limited. The Convertible Bonds were detailed in the Company s admission document published on 23 December 2020 ( Admission Document ). The conversion of interest on the Convertible Bonds to shares was applicable at the completion of the RTO on 13 January 2021 for a deemed value of US$27,888. Following the issue of the Shares, the settlement of the Convertible Bonds has now been completed.
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The six months ended 30 September 2020 and subsequent period, have been transformative for CML towards the achievement of its objectives to list on a renowned international stock exchange for resource companies, and procurement of funding to significantly advance the Development Study and Work Programme of the Eastern Minerals Project in Sri Lanka (the Project ), the principal asset of CML. On 21 October 2020, EPO announced that it had reached conditional agreement with parties holding a majority of the shares (51.4 per cent.) ( CML Majority ) in the Company, for EPO to acquire their shares in CML in exchange for ordinary shares in EPO. This proposed acquisition ( Proposed Acquisition ) constitutes a reverse takeover transaction pursuant to the AIM Rules for Companies. Following the Proposed Acquisition, the Company s business will constitute all of EPO s business.
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