Extension of BTR CP satisfaction date

Evolution Energy Minerals Limited (Evolution or the Company) (ASX: EV1, FSE: P77) advises that the date for satisfaction of the conditions precedent (CP Satisfaction Date) under the investment agreement with BTR New Material Group Co., Ltd. (BTR) (Investment Agreement) has been extended to 31 January 2024.

Under the Investment Agreement, subject to the satisfaction or waiver of conditions, BTR agrees to subscribe for shares representing 9.90% of Evolution at $0.22 per share (BTR Investment).

Evolution and BTR have agreed to extend the CP Satisfaction Date in order to facilitate:

• The finalisation of BTR’s due diligence activities. BTR is well advanced with its due diligence, however ore samples that BTR requested during its site visit in September are yet to be delivered to BTR’s facilities in China. As a result, Evolution and BTR have agreed to an extension of the CP Satisfaction Date to ensure that there is sufficient time for BTR to carry out its testwork on those ore samples.
• Evolution shareholder approval of the BTR Investment being sought at the same time as shareholder approval is sought for the participation of ARCH Sustainable Resources Fund LP (ARCH) in the Tranche Two Placement. As a result of the need to obtain an independent expert’s report in connection with the Tranche Two Placement, the extraordinary general meeting (EGM) to approve the Tranche Two Placement is now expected to be held in early January 2024 – the resolution for the BTR investment will be added to the notice of EGM.
• The maximisation of BTR’s investment, being 9.90% on a post-Tranche Two Placement basis, which can only be achieved if shareholder approval of the BTR Investment occurs at the same time as approval of the Tranche Two Placement.

Subject to the conditions precedent being satisfied (or waived), it is expected that settlement under the Investment Agreement will occur in the weeks following settlement of the Tranche Two Placement.

Managing Director, Phil Hoskins, commented: “We are pleased that BTR remains committed to holding a 9.90% interest in Evolution following the issue of shares to ARCH, subject to completion of its ongoing due diligence and satisfaction of the other conditions precedent.”

BTR’s Senior Vice President, Mr Chen Xiaodong, commented: “We have been pleased with the results of due diligence to date, including the results of spherical graphite testwork. We look forward to working with Evolution to close out our due diligence assessment as soon as possible.”

For media enquiries, please contact:

Matthew Lister
Head: Investor Relations
Email: mlister@archempartners.com
Mobile: +44 7780 049 074