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POLYMETALS RESOURCES LTD Board/Management Information 2021
65598_rns_2021-09-15_955513dd-11cc-4291-ac19-895cee0c7a79.pdf
Board/Management Information
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AMENDMENT TO 30 JUNE 2021 FINANCIAL STATEMENTS
Further to the lodgement of Polymetals Resources Ltd's (POL, Polymetals or the Company) 30 June 2021 annual report on 16 September 2021, it has come to the Company's attention that there was a typographical error made on page 9.
The replacement page is enclosed.
The Company confirms that to the extent that the annual report is mailed, it will include the replacement page.
The Company apologises for this inconvenience.
APPROVAL
This announcement has been authorised for release by :
Vincent Fayad Company Secretary
For more information:
Alex Hanly Chief Executive Officer [email protected] +61 (0) 448 418 725
Victoria Humphries Media & Investor Relations [email protected] +61 (0) 431 151 676
POLYMETALS RESOURCES LTD AND ITS CONTROLLED ENTITIES A.B.N. 73 644 736 247 Review of Operations and Tenements
Under the SPA, the Seller's Existing Loan was effectively being taken over by the Company in consideration for:
- a payment to Craton of $100,000 in immediately available funds, which constituted a reimbursement of some of Golden Guinea's exploration costs which had been funded by Craton; and
- the issue of 14,157,647 Shares at an issue price of $0.15 per Share to Craton (Craton Loan Shares).
Borrowings
In June 2021, a sum of $250,000.00 was advanced to the Company by Polymetals Group Pty Ltd, a company related to David Sproule.
Subsequent to the end of the reporting period this loan was repaid in full, leaving the Company debt free.
The terms of the loan have been provided as follows:
| Purpose of funding | Amount drawn to 30June 2021, includingcapitalised interest | Due date |
|---|---|---|
| The purpose of the funding is as follows:a)Working capital of the Company;b)Commence Phase 2 of the drillingcampaign at the Company's Alahinéproject. | $250,000 | See below. |
| Total amount owing prior to repayment | $250,000 |
Key terms of the consolidated facility
| Security | Unsecured |
|---|---|
| Interest Rate | nil% per annum |
| Repayment | Two business days after the directors of Polymetals Resources Ltd, with David Sproule beingexcluded from voting on the resolution, resolve that Polymetals Resources Ltd has adequatefunds to repay the loan |
Board Changes
The following board changes were announced by the Company during the reporting period.
a) Appointments
The following appointments were made during the reporting period:
- Mr David Sproule was appointed as the Non-Executive Director on 30 September 2020;
- Mrs Jane Sproule was appointed as a Non-Executive Director on 30 September 2020;
- Dr Christopher Johnston was appointed as a Non-Executive Director on 30 September 2020; and
- Mr Christopher Schroor was appointed as a Non-Executive Director on 5 January 2021.
b) Resignations
On 5 January 2021, Mrs Jane Sproule resigned as a Non-Executive Director of the Company.
More information concerning the directors can be found under the Directors' Report below.
With the exception of the above, there were no other changes made to the Board's composition during the period.