As we enter into unchartered waters during this COVID 19 troubled times, Millenium Kapital Ltd (MKL), continue to progress on its IPO plans. At this point we are hoping that the COVID-19 issue will run its course over six to nine months. In the meantime, we will continue to push forward as far as we can to be ready for the IPO. In view of the travel restrictions and current market conditions, it is inevitable that we have to raise most of the working capital requirements at the pre-IPO price of 1 pence and in Australia where possible. Every crisis always represents an opportunity which we need to take with both hands.
By mutual agreement we have accepted the resignation of our Non-Executive Director, Steve Ledger and we are pleased to welcome Nigel Chapman on to the Board of Directors of MKL and as our full time Chief Operating Officer w.e.f. 2nd April 2020. Nigel is currently our Principal Technical Consultant.
Additionally, MKL is pleased to announce that it has entered into a Non-Binding Memorandum of Understanding with Green Gem Investments (GGI Corp) who are based in Colombia and have a portfolio of emerald projects in varied stages of development from near production to greenfield opportunities in the Muzo and Yacopí region in Colombia, South America. The top three emerald producers in the world are Colombia, Zambia and Brazil. The acquisition is in exchange for a
combination of working capital for the assets and shares in Millenium Kapital Ltd. The shares issued to GGI in exchange for this acquisition will be priced at the intended IPO price of 5 pence.
With the addition of the Colombian assets, MKL ‘s gemstone portfolio will now be a combination of the World’s best Zimmi Canary Yellow Diamonds and the World’s best Emeralds from Colombia. Due to the intended acquisition, MKL will now look at raising a minimum of GBP 3 million to fund both projects. Majority of these funds will be raised at the pre-IPO price of 1 pence. While these are difficult times, there is always opportunity to be found in a crisis. The Colombian Emeralds will not only diversify the country risks but also provide an additional revenue source for us and with the help of the GGI Board, MKL will now be promoted in the Latin American countries where they have offices. The Non-Binding agreement becomes binding once we release the first tranche of payment to GGI. In exchange, MKL will be offered one Board seat in GGI Corp, while we will offer them one Board seat in MKL. We have a similar arrangement with Millenium Kapital (Africa) Ltd with regards to Board seats.
We are currently in the process of updating our Corporate presentation and website to reflect the new Board and the new venture. The pre-IPO at 1 pence continues to represent an excellent investment opportunity as we will be fortunate enough to catch the market at its bottom. We hope that shareholders will continue to help promote this pre-IPO opportunity among their network as we continue to promote it. Having the world’s best yellow and green gemstones, all we need now is to complete the capital raising and be prepared to do the IPO when the COVID -19 situation settles down. We need everyone’s help in promoting MKL to make this happen.
Also, as per our previous update, MKL shares have now been admitted into CREST and are available in electronic form. In order for us to deposit your shares electronically through CREST with your brokers, we have sent out emails requesting you to sign the CREST forms and have it mailed back to us so we can forward this together with the share certificate to your broker in the UK . For those that are working with brokers in Australia, we will need to send you the original share certificate for you to pass this on your relevant brokers and they will be able to do the same.
Please stay safe and let’s work together in these difficult times so that we can have a successful IPO when the COVID -19 situation settles down.
About Millenium Kapital Ltd
MKL works with experienced investors looking to grow their portfolios, along with guiding first-time investors new to the market in establishing a portfolio which will generate the highest return with mitigated risks.
We are currently represented in Perth by Millenium Kapital Investments Pty Ltd and in Singapore by Millenium Kapital Limited Pte Ltd.