Issue of Equity & Warrant conversion

17 June 2020

London, England- Eastinco Mining & Exploration PLC (EM.P) is pleased to announce that following its release dated 02 June 2020 updating the market in relation to the exercise of warrants, the company can confirm that shareholders have committed to converted warrants with a gross exercise consideration of £760,730.

The management "Concert Party" deemed to include Charles Bray, Edlin Holdings, Mike Staten, Daniel Hogan, and Stephan Knoef have exercised warrants accounting for approximately one-third of the total contributed consideration of £238,583 to be applied to working capital and the reduction of company debt.

Following the conversion of 15,905,500 warrants the Concert party now holds 88,807,084 shares in the enlarged company, which represents 21.2% of the enlarged company.

Concert party holding:

The company has also issued 7,000,000 shares to professional advisors and service providers.   

As stated previously, the Company intends to use the capital:

1.   To supplement the working capital to complete the wash plant, begin mining, and generate positive cash flows at the Kuaka mine site;

2.   To reduce outstanding debt and/or payables to suppliers and/or company management. The parent PLC company will refrain from paying any management salaries until the company is able to produce cash flows;

3.   For exploration work to identify the safest and most efficient sourcing of tantalum, tin, and tungsten ore at both Kuaka and Huye sites;

4.   To progress pending license applications on highly exciting prospective sites; and,

5.   To establish reserve capital to ride out any demand shocks from the COVID-19 situation.

The 55,713,333 new Ordinary Shares resulting from the warrant exercise and the share issuance will be admitted to trading on Acquis Exchange on or around the 27^th June 2020.

Following the share issuance, the issued share capital of the Company will increase to 418,963,829 Ordinary Shares of 1 pence each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

The directors of Eastinco Mining and Exploration Plc accept responsibility for this announcement.

"We are pleased to have closed this funding round and are proud of the support we have seen from our existing holders who were prepared to follow their money and exercise their warrants. Rwanda reacted quickly and decisively to lockdown borders and operations in response to COVID-19, we are now seeing the roadmap for lockdown easing and a return to business for the country, this should allow us to progress the completion of the wash plant and larger scale production. We are excited for what the next few months could hold in store and look forward to updating all shareholders over the course of 2020 as we target significant milestones including the wash plant completion and cash flow from operations."

Mike Staten

Executive Director

Eastinco Mining & Exploration Plc:                                    [email protected]

Charles Bray, Executive Chairman

AQUIS EXCHANGE CORPORATE ADVISER:

Alexander David Securities Limited

David Scott -Corporate Finance

James Dewhurst - Corporate Broking 

Telephone: +44 (0) 20 7448 9820

http://www.ad-securities.com

49 Queen Victoria Street, London EC4N 4SA

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