BRITANNIA’S GOLD LIMITED PRIVATE PLACEMENT MEMORANDUM ... · This Private Placement Memorandum is...

BRITANNIA’SGOLDLIMITED

PRIVATEPLACEMENTMEMORANDUM

MARCH2017

BRITANNIA’SGOLDLIMITEDPRIVATEPLACEMENTMEMORANDUMTABLEOFCONTENTS

Disclaimers ................................................................................................................................... 2Corporate information .................................................................................................................. 5Important dates and investment summary ................................................................................... 6Definitions .................................................................................................................................... 7

A. Information On Britannia’s Gold Limited ..................................................................................... 111. Background of the Company .............................................................................................. 112. Group structure .................................................................................................................. 133. Objectives of the Private Placement .................................................................................. 144. Strategy and objectives ...................................................................................................... 155. Media and PR policy .......................................................................................................... 206. Donations to charities ......................................................................................................... 217. Directors and employees .................................................................................................... 219. Summary of operation agreements .................................................................................... 2410. Advisers .............................................................................................................................. 24

B. Details of the Private Placement .................................................................................................. 2611. Purpose of the Private Placement ...................................................................................... 2612. Terms and conditions ......................................................................................................... 2613. Tax considerations ............................................................................................................. 28

C. Financial information ..................................................................................................................... 3314. Proforma statement of financial position ............................................................................ 3315. Forecast proforma financial information ............................................................................. 3316. Dividend policy ................................................................................................................... 3717. Material commitments and contingent liabilities ................................................................. 38

D. Business and investment risks .................................................................................................... 3918. Risks relating to the salvage operation .............................................................................. 3919. Risks relating to the salvage reward .................................................................................. 4020. Risks relating to the management of the Company ........................................................... 4221. Risks relating to the shipping industry ................................................................................ 42

E. Appendices ..................................................................................................................................... 47Appendix One: Research sources and outcomes ..................................................................... 47

Disclaimers

IMPORTANTINFORMATIONABOUTTHISPRIVATEPLACEMENTMEMORANDUM

TheCompanyacceptsresponsibilityfortheinformationcontainedinthisPrivatePlacementMemorandum.TothebestoftheknowledgeandbeliefoftheCompany(havingtakenallreasonablecaretoensurethatsuchisthecase), the informationcontained in thisPrivatePlacementMemorandumis inaccordancewiththe factsanddoesnotomitanythinglikelytoaffecttheimportofsuchinformation.

ThisPrivatePlacementMemorandumdoesnotconstituteanoffertosellorthesolicitationofanoffertobuyshares in any jurisdiction to any person whom it is unlawful to make the offer or solicitation in suchjurisdiction. ThedistributionofthisPrivatePlacementMemorandumandtheofferorsaleofsharesmayberestricted by law in certain jurisdictions. The Company does not represent that this Private PlacementMemorandummay be lawfully distributed, or that sharesmay be lawfully offered, in compliancewith anyapplicableregistrationorotherrequirements inanysuch jurisdiction,orpursuanttoanexemptionavailablethereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, noaction has been taken by the Company which is intended to permit a public offering of shares or thedistribution of this Private Placement Memorandum in any jurisdiction where action for that purpose isrequired. Accordingly, no shares may be offered or sold, directly or indirectly, and neither this PrivatePlacementMemorandumnoranyadvertisementorotherofferingmaterialmaybedistributedorpublishedinany jurisdiction, except under circumstances that will result in compliance with any applicable laws andregulations. Persons intowhose possession this Private PlacementMemorandumor any sharesmay comemustinformthemselvesabout,andobserveanysuchrestrictionsonthedistributionofthisPrivatePlacementMemorandumandtheofferingandsaleofshares.

The shares have not been nor will they be registered under the United States Securities Act of 1933, asamended (the "Securities Act"), or qualified under applicable State statutes, and the shares may not beofferedorsold,directlyorindirectly,intheUnitedStatesofAmerica,itsterritoriesorpossessionsandallareassubject to its jurisdiction ("United States") or to any US Person (except in accordance with an applicableexemptiontotheregistrationrequirementsoftheSecuritiesActandwiththepriorconsentofthedirectorsoftheCompany).Forthepurposesthereof,theterm"USPerson"shallhavethemeaningdescribedinRegulationSundertheSecuritiesAct.ApplicantswillberequiredtocertifythattheyarenotUSPersonsprecludedfrompurchasing,acquiringorholdingsharesoriftheyareUSPersons,thattheyarepermittedtopurchase,acquireorholdshares(i)inaccordancewithanapplicableexemptiontotheregistrationrequirementsoftheSecuritiesActand(ii)withthepriorconsentofthedirectorsoftheCompany.

This Private Placement Memorandum is strictly confidential and is addressed to a limited number ofprofessionalinvestorsforthesolepurposeofprovidinginformationaboutaninvestmentintheCompany.ThisPrivatePlacementMemorandumshouldnotbedistributed,publishedorreproduced,inwholeorinpart,norshoulditscontentsbedisclosedbyrecipientstoanyotherperson.

ThecontentsofthisPrivatePlacementMemorandumarenottobeconstruedas,andshallnotbereliedonas legal, business or tax advice, and each investor should consult its own legal, business, tax and otheradvisersforanysuchadvicethatmayberelevanttosuchinvestor.

NopersonisorhasbeenauthorisedbytheCompanytogiveanyinformationortomakeanyrepresentationnot contained in or not consistent with this Private Placement Memorandum or any other informationsupplied in connection with the offering of the shares and, if given or made, such information orrepresentationmustnotberelieduponashavingbeenauthorisedbyoronbehalfoftheCompany.

Neither this Private Placement Memorandum nor any other information supplied in connection with theofferingof theshares (a) is intended toprovide thebasisofanycreditorotherevaluationor (b) shouldbeconsideredasarecommendationbytheCompanythatanyrecipientofthisPrivatePlacementMemorandumoranyother informationsupplied inconnectionwiththeofferingofthesharesshouldpurchaseanyshares.Each investor contemplating purchasing any shares should make its own independent investigation of thefinancialconditionandaffairs,anditsownappraisalofthecreditworthiness,oftheCompany.

NeitherthedeliveryofthisPrivatePlacementMemorandumnortheoffer,issue,saleordeliveryofthesharesshall,underanycircumstances, implythattherehasbeennochangeintheaffairsoftheCompanysincethedate hereof or that the information contained herein concerning the Company is correct as at any timesubsequenttoitsdateorthatanyotherinformationsuppliedinconnectionwiththeofferingofthesharesiscorrectasatanytimesubsequenttothedatehereof.

NOTICETOPROSPECTIVEINVESTORSINTHEUNITEDKINGDOM

Within theUnited Kingdom, this Private PlacementMemorandum is directed only (a) at personswho haveprofessionalexperienceinmattersrelatingtoinvestmentsfallingwithinarticle19(5)oftheFinancialServicesand Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (b) who are persons falling withinarticle49(2)(a)to(d)oftheOrder,(c)personstowhomthePrivatePlacementMemorandummayotherwisebedirectedwithoutcontraventionofsection21oftheFinancialServicesandMarketsAct2000("FSMA")or(d)towhom itmay otherwise lawfully be distributed in accordancewith theOrder ("relevant persons"). ThePrivatePlacementMemorandummustnotbeactedonorreliedonbypersonsinUnitedKingdomwhoarenotrelevant persons. Any investment or investment activity in the United Kingdom to which the prospectusrelatesisavailableonlytorelevantpersonsandwillbeengagedinonlywithrelevantpersons.

Any other person towhom this document has been passedmust return it immediately. This document isbeingsuppliedtoyousolelyforyourinformationandmaynotbereproduced,furtherdistributedorpublished,inwholeorinpart,byanyotherperson.Thisdocumentisexemptfromthegeneralrestriction(insection21oftheFSMA)onthecommunicationofinvitationsorinducementstoengageininvestmentactivity,interalia,on the grounds that it ismade to certified sophisticated investors within themeaning of Article 50 of theOrder.Apersonwillqualifyasacertifiedsophisticatedinvestorifheorshehasacurrentcertificateinwritingorotherlegibleformsignedbyanauthorisedpersontotheeffectthatheorsheissufficientlyknowledgeabletounderstand the risksassociatedwith thatdescriptionof investmentandheor shehas signed,within theperiodof12monthsendingonthedateofthisdocument,astatementintheformsetoutinArticle50(1)(b)oftheOrder. The contents of this document have been approved by an authorised person; such approval isrequired by section 21 of the FSMA unless the exemption set out in Article 50 of the Order or any otherexemptionapplies.Relianceonthisdocumentforthepurposeofengaginganinvestmentactivitymayexposetheindividualtoasignificantriskoflosingallofthepropertyinvestedorofincurringadditionalliability.Anypersonwhoisinanydoubtastoaninvestmentinsharesshouldconsultanauthorisedpersonspecializingininvestmentsofthekindinquestion.

NOTICETOPROSPECTIVEINVESTORSINTHEEEA

No shares have been offered or sold, or will be offered or sold, to the public in anymember state of theEuropeanEconomicAreathathasimplementeddirective2003/71/ECoftheEuropeanUnion(the"ProspectiveDirective") (each a "Relevant Member State"), with effect from and including the date on which theProspectusDirective is implemented in that RelevantMember State (the "Relevant ImplementationDate")

except (with effect from and including the Relevant Implementation Date): (a) to legal entities that areauthorized or regulated to operate in the financial markets or, if not so authorized or regulated, whosecorporatepurposeissolelytoinvestinsecurities;(b)toanylegalentitythathastwoormoreof:(i)anaverageofatleast250employeesduringthelastyear;(ii)atotalbalancesheetofmorethan€43,000,000;and(ii)anannual net turnover ofmore than€50,000,000, as shown in its last annual or consolidated accounts; (c) tofewerthan100naturalorlegalpersons(otherthanqualifiedinvestorsasdefinedintheProspectiveDirective);or(d)inanyothercircumstancesthatdonotrequirethepublicationbytheCompanyofaprospectuspursuanttoArticle3oftheProspectusDirective.

IMPORTANTINFORMATIONABOUTRISKS

Theattentionof investors in theCompany is drawn to the general and specific risk factorswhichappearunder the heading "Risk Factors" in this Private PlacementMemorandum. Accordingly, any investmentshouldonlybeundertakenbypersonsinapositionwhounderstandandarehappytotakesucharisk.

Investorsshouldnotethatbecausesuchaninvestmentinthissectorcanbevolatileandthattheirvaluemaydecline as well as appreciate, there can be no assurance that the Company will be able to attain itsobjectives(oranyofthem).

Investment inany shareswill involve significant risksas identifiedbelowand shouldbeviewedasa longterm investment. Shares may not be suitable for all recipients or be appropriate for their personalcircumstances.AninvestmentintheCompanyisonlysuitableforfinanciallysophisticatedinvestorswhoarecapableofevaluating themeritsandrisksof suchan investmentandwhohavesufficient resources tobeabletobearanylosseswhichmayarise(whichmaybeequaltothewholeamountinvested).

ThisPrivatePlacementMemorandummaynotbetranslatedintoanyotherlanguage.

Corporateinformation

CompanyName: BRITANNIA'SGOLDLIMITEDCompanynumber 10413252Companytype PrivateLimitedCompany

Incorporatedon 6October2016AccountsDate 31OctoberRegisteredOffice BondHouse,4thFloor,20WoodstockStreet,London,W1C2AWTelephone +44(0)2033758189Website www.britanniasgold.com

Importantdatesandinvestmentsummary

Upto£250,000investedbytheSeedInvestorsfor250preferenceshares Additionalfundraising: Offerprice(pershare) £1,000 Numberofshares 15,000 Maximumamounttoberaised £15,000,000 Minimumamounttoberaised £10,000,000 MaximumtoberaisedbyEISInvestors £5,000,000 Minimumtoberaisedbynon-EISInvestors £10,000,000 Minimumsubscriptionlevel £1,000 Maximumsubscriptionlevel Nomaximum Offerperiodopen 09:0028March2017 Offerperiodclose 12:0030June2017 Notificationofallotments 4August2017Theofferperiodwillcloseearlierifallfundsareraisedatwhichpointallotmentofshareswillbenotifiedwithin7daysofclose.TheboardofdirectorsofBritannia’sGoldLimitedreservestherighttoextendtheofferperiod.

Definitions

AIMmeansAlternativeInvestmentMarket.AngelEquitymeansAngelEquityInternationalLimited.BGLortheCompanymeansBritannia’sGoldLimited.BoEmeansBankofEngland.Britannia’sFoundersortheCurrentBGLShareholdersmeansPhilipReid,IDMExplorationLimited,BelgraviaGoldLimited,MauricioGarridoandNickHenry.BnmeansBillion.BoardmeanstheboardofDirectorsoftheCompany.C.meanscirca.

CargomeansthegoldorotherpreciouscommoditiesthatmayberecoveredfromtheVessels.

CEOmeansChiefExecutiveOfficer.

CFOmeansChiefFinancialOfficer.

CGTmeansCapitalGainsTax.

CharterhiremeansmoneypaidtotheshipownerbyachartererfortheuseofavesselunderaTimeCharter.Suchpaymentsareusuallymadeduringthecourseofthecharter,every15or30days inadvance,orinarrearsbymultiplyingthedailycharterratebythenumberofdaysand,underatimecharteronly,subtractinganytimethevesselwasdeemedtobeoff-hire.

Charter Rate means the amount of money agreed between the Company as charterer and theOwneraccruedona(usually)a15or30daybasisthatisusedtocalculatethevessel’sCharterhireunderaTimeCharter.

CharteredinShipmeansthedynamicallypositionedsalvagevesseltobesubjecttoaTimeCharterbetweentheCompanyaschartererandanOwnerandincludes(whereappropriate)the“workclassremotely operated vehicles” to be deployed from the mother vessel and its cranes and otherequipment.

ComexmeansComexSA(basedinFrance).

DirectorsmeansthedirectorsoftheCompany.

EISmeanstheEnterpriseInvestmentScheme.FCCAmeanstheFellowoftheCharteredAssociationofCertifiedAccountants.

FSMAmeanstheFinancialServicesandMarketsAct2000.FSWmeansFeetofSeaWater.Head Licensesmeans the agreements between IDM and the Researchers, such agreements havebeenverifiedbyCampbellJohnstonClarkLimited,thelegaladvisersofBGL.

HMGorCargoOwnermeansthedulyconstitutedgovernmentoftheGreatBritainandNorthernIreland.HMRCmeansHerMajesty’sRevenueandCustoms.HMTmeansHerMajesty’sTreasury.HSEQmeansHealth,Safety,EnvironmentandQuality.IDMmeansIDMExplorationLtd,acompanyincorporatedintheIsleofManwithitsregisteredofficeat56BallachrinkDrive,Onchan,IsleofManIM34NF.InformationmeansalltheresearchandinformationprovidedandtobeprovidedtotheCompanybyIDMpursuanttotheSub-LicenseandbytheResearcherstoIDMpursuanttotheHeadLicences.

Kmeansthousand.

LehmanScalemeansaformulausedtocalculatefeesonfundsraised.Thescaleis:5%onthefirst£1mraised,4%onthesecond£1mraised,3%ofthethird£1mraised,2%onthefourth£1mraisedand1%onanybalanceabove£4m.

LLCmeansLimitedLiabilityCompany.

MmeansMillion.MarketGoldmeansgoldusedforeverydaycommerce,shippedbyMidlandBankandbyTheJointStockBanks

NewOrdinarySharesmeansnewordinarysharesissuedbytheCompany.Ordermeansarticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005.OwnermeanstheownerofaCharteredinShip.P&I Insurancemeans insurance obtained throughmutual associations (called “Clubs”) formed byshipownerstoprovideliabilityinsuranceprotectionagainstalargefinanciallossbyonememberbycontributiontowardsthatlossbyallmembers.

PrivatePlacementMemorandumorPPMmeansthisprivateplacementmemorandum.

ProspectiveDirectivemeansdirective2003/71/ECoftheEuropeanUnion.

RelevantImplementationDatemeansthedateonwhichtheProspectusDirectiveisimplementedinthatRelevantMemberState.

Relevant Member State means any member state of the European Economic Area that hasimplementedtheProspectiveDirective.

RelevantPersonmeans towhomthePrivatePlacementMemorandummayotherwise lawfullybedistributedinaccordancewiththeOrder.

ResearchersmeanstheresearchteamsworkingwithBGLandIDM.

RIEmeansRemoteInterventionEquipment.

ROVmeansRemotelyOperatedVehicle.

Salvage Convention means the International Convention on Salvage, 1989 (and includes anyamendmentorreplacementtothesame).

Services Agreementmeans the agreement dated 15 February 2017made between IDM and theCompany in relation to the provision of (amongst other matters) the research and InformationrelatingtotheVessels.

SDRTmeansStampDutyandStampDutyReserveTax.

SecuritiesActmeanstheUnitedStatesSecuritiesActof1933.

SeedInvestorsmeansearlyinvestorsintheCompany.

Set-AsideGoldmeansgoldbelongingtoothergovernmentsthanHMG.

Shareholdermeans anyperson, companyor other institution that owns at least one share in theCompany.

SMEsmeansSmallandMediumEntities.

SOLASmeanstheInternationalConventionfortheSafetyofLifeatSea1974,asamended,adoptedundertheauspicesoftheInternationalMaritimeOrganisation.

Sub-LicensemeanstheIPlicensedated15February2017andenteredintobetweenIDMaslicensorand the Company as licensee in relation to the Information and includes any amendment orvariationofthesameandwhichwillbeonback-to-backtermswiththeHeadLicenses.

SwiremeansSwireSeabedAS(basedinNorway).

TimeChartermeansa time charter contractunderwhich theCompanyas charterer shall pay theOwnerCharterhireforafixedperiodoftimeforuseofaCharteredinShip.TheCompanypaysthe

voyage related expenses such as fuel, canal tolls, and port charges. The Owner pays all VesselOperatingExpenses.AnydelaysatportorduringthevoyagesaretheresponsibilityoftheCompany,saveforcertainspecificexceptionssuchas lossoftimearisingfromvesselbreakdownandroutinemaintenance.

UKorUnitedKingdommeanstheUnitedKingdom.

USorUnitedStatesmeanstheUnitedStatesofAmerica.

VCTmeansVentureCapitalTrust.

Vessel Operating Expensesmeans the costs of operating a vessel that is incurred during a TimeCharter, primarily consisting of crewwages and associated costs, insurance premiums, lubricants,spare parts and repair and maintenance costs. Vessel operating expenses exclude fuel and portcharges, which are known as “voyage expenses”. For a Time Charter, the Owner pays vesseloperatingexpenses.

Vessel(s)meansthevessel(s)whoseCargowillbesalvedbytheCompany.

WRImeansWarRiskInsurance.

WRIOmeansWarRiskInsuranceOffice.

WorldWarsmeansWW1andWW2.

WW1meansWorldWarOne.

WW2meansWorldWarTwo.

A.INFORMATIONONBRITANNIA’SGOLDLIMITED

1. BackgroundoftheCompanyTopayformunitionsandgoodsinbothWorldWars,HMGshippedgoldbullionworldwidewithanestimatedpresentdayvalueofcirca£300bn.ThemajorityofthesegoldshipmentswerecarriedbythemerchantfleetunderHMGdirection.DuringtheWorldWars,some7,500merchantshipsweresunkwithgreatlossoflife.TheCompanyhasbeenestablishedtotrytorecoveracertainnumberofthesecargoesandreturnthemtotheUKforthebenefitofHMG,investorsandmerchantmarinecharities.SignificantspecialistresearchcoveringthemaritimelossesinbothWorldWarshasbeengatheredoverthepast25yearsresultinginadatabaseofsome27terabytesofdigitizedinformation.Ofthe7,500shipslost,thisresearchhasidentifiedmorethan700tohavebeenspecificgoldandsilvercarriers.BGLhasuniqueandexclusiveaccesstothisresearchwhichprovidesforaclearstrategytoidentifyandlocatethelostgoldcarriers.WorkingexclusivelywithIDM,whichisaprocurerandproviderofspecialistservicesonbehalfofBGL,andutilisingtriedandtestedmoderndaysurveyandsalvagetechniques,BGL’sboardareconfidentanumberoftheseknowncargoesarerecoverable.BGLandIDMarecompilingdigitalshipwreckresearchpacksoneachVesselwhichwillbemadeavailable,aftersigningaNon-DisclosureAgreement,tothoseinvestorswhoinvestover£750kinBGL.CurrentlyBGLhasfiveresearchpacksreadytobeviewedandfurtherpacksareunderdevelopment.Eachindividualshipwreckresearchpackwillhaveallavailableinformationcontainedwithinanelectronicfolderstructurewhichwillallowthereadertocrossreferencebetweendocumentation.Thefoldersshallbefurtherpopulatedwithrelevantinformationasitbecomesavailable.

Thefolderswillincludedetailson:

• Vesselparticulars • Researcherreports • Depositions • Cargomanifests • Bankledgers • Specieandbullionstowage • Plans • Images

• Surveydata • Maps • Previoussalvageattempts • Presscuttings • Passengerlistings • Sketches • Generalinformation• WRIO

BGLbelievesanopportunityexistsforinvestmentofferingpotentiallyexceptionalreturnswhenthecargoesarerecovered.BGLintendstoraiseupto£15mthroughequitysharecapitalfromarangeofinvestorstofundtheserecoveryoperations.

2. Groupstructure

Sharestructure:

000's Preferenceshares

Ordinaryshares

Non-EISInvestors 10,000 33.33% Atleast EISInvestors 5,000 16.67% Upto CurrentBGLshareholders 14,750 49.17% - SeedInvestors 250 0.83% Upto Total 250 29,750 30,000

Notes: TheSeedInvestors’preferenceshareswillhaverightstothefirstdividenddistribution,equalto3xtheinitialinvestment,afterwhichtheywillconverttoordinaryshares.TheCurrentBGLShareholderswillhavetheirsharesheldunderoption,subjecttomeetingcertainfinancialperformancehurdles,asdetailedfurtherinSection15ofthisPPM.FurtherinformationonthedividendpolicyforallshareholdersisdetailedinSection15ofthisPPM.

3. ObjectivesofthePrivatePlacement

ThepurposeoftheprivateplacingistoraiseadequatefundingtofulfilthebusinessobjectivesoftheCompany,whicharetorecovercertainshipwreckcargoesandreturnthemtotheUKforthebenefitofHMG,investorsandmerchantmarinecharities.TheCompanyisseekingtoraiseupto£15mbywayofequitycapitalandthemajorityofthefundingwillbeusedforfinancingthemobilisationandoperationofbespokesurveyandsalvagecraft,allonasubcontracttimecharterbasis,withtherestofthefundingtobeusedtocoveradministrativeexpensesandthirdpartycosts.

BGLintendsthatthisPrivatePlacementMemorandumshouldfacilitateandencourageaswideaninvestorbaseaspossible.Whilstthequantumofinvestmentsoughtwouldindicateaninstitutionaloffering,theCompanybelievesthisuniqueopportunitywillhaverealappealfortheprivateinvestor.

Therefore,theminimumsubscriptionis£1,000andsaveforanyindividuallimitunderEISlegislation,thereisnomaximumcaponparticipation.TheCompanywillhaveafullpayoutpolicy,savefortheretentionofalevelofworkingcapitaleachyeartofundthefollowingyear’ssalvageoperations,asdiscussedfurtherinSections14to16ofthisPPM,andanyretentionsmadetocoversubrogatedclaimatthediscretionoftheDirectors.Investorswillreceivetheirreturnbywayofdividends;furtherdetailsonthedividendpolicycanbefoundinSection16ofthisPPM.OftheFounderShareholders,theChairmanandNon-ExecutiveDirectorswillbepaidmodestfeesfortheirservices.TheOperationalDirector,WillCarrier,willbepaidasalarycommensuratewithhispositionofexecutiveresponsibility.Anyadditionalpaymentstoshareholderswillbeviadividends,whichwillbeawardedinlinewiththedividendpolicy.IDM,whichisaFounderShareholderofBGL,isaprocurerandproviderofspecialistservicesonbehalfofBGL.ThespecialistservicesareprovidedatcostandarealwayssubjecttoapprovalbytheBGLBoard.IDMmayhavevariouscostswhichhavetobecoveredintheprovisionofsuchservicesbutIDM'srewardwillbeasaFounderShareholderandnotasasub-contractor.ItisintendedthattherewillbenoincreaseinthemanagementandstaffsalarycostsuntilinvestorshavereceivedtheirinitialinvestmentreturnandtheCompanyisinpossessionofsufficientworkingcapitaltofundthesecondshipwreckclusterwithoutfurtherrecoursetoinvestors.TheprivateplacementwillbecarriedoutbyAngelEquityInternationalLimited(“AngelEquity”)ontheirplatformwww.angelequity.eu.AngelEquityisanappointedrepresentativeofAngelCorporateFinanceLtd(formerlyOrangeCorporateFinanceLtd)whichisauthorisedbytheFinancialConductAuthoritytocarryoutCrowdFundingactivitywiththeFRN:189495.AngelEquityInternationalLtdwillprovidethisserviceonanon-advisorybasisonly.PhilipReid,whoisExecutiveChairmanofBGL,isalsoadirectorofAngelEquity.

TheminimumamounttheCompanyrequirestocommenceoperationsis£10m,eitherincashoracombinationofcashandequipmentcontributioninkind.Theminimumamountisrequiredinordertocarryoutthekeyoperationalproceduresbutdoesnotchangetheanticipatedcharterrange.ThefollowingpointsoutlinekeyoperationalproceduresandactivitiesonceBGLhasraisedtheminimumfundingrequirement:

1. TheCompanywillundertake60dayTimeCharterswithextensions.ThismitigatesdayonefinancialexposureandallowsfortheCompanytoextendtolongerchartersasandwhenrequiredorjustified.

2. TheCompanycanchartercraftinpre-seasonpricemodebututilisetoadvantageinthecomingsummerseason,therebyprovidingforearlyinvestmentrecoupmentandinvestorreturn.

3. TheminimumfundingwillpermittheCompanytocontinuefundraisingalthoughanysuccessinthefirstsalvageoperationswillprecludetheneedforanyfurtherexternalfinance.

4. TheCompanybelievesthatitsrelationshipswithsalvagecompaniesprovidesareasonableandprobableexpectationof"inkind"contributionsofsurveyandsalvagecraftaswellas"credittermsfordeferredsuccesspayments".Inthiscase,itisanticipatedthatanysuchcontributionswillberatecardchargedandtreatedasequitycontributionsrankingparipassuwithordinaryshareholders.

TheCompanywillbecommencingdiscussionsinthenearfutureregardingpotentialcommercialoffersfrommajorsuppliersofvesselsandequipment.Ifthesecommercialoffersareforthcoming,thiswouldpotentiallyreducetheminimumcashrequirement.Asaresult,andcontingentontheclarityandcertaintyofequipmentprovisioninkind,theCompanyreservestherighttoadjusttheminimumcashraise.4. Strategyandobjectives

Objective: RecoveringBritain’sGoldDuringbothWorldWars,Britainpaidforwarsuppliesthroughshipmentsofpredominantlygoldbullion.

• DuringWW1,theBoEshippedgoldworth£125bnat2016prices. • DuringWW2,theBoEshippedgoldworth£175bnat2016prices.

Thesefiguresdonotincludeothersubstantialshipmentsofpreciousmetals,gemsandgoldownedorcontrolledbyJointStockBanks.ThegreatmajorityofshipmentswerecarriedoutbymerchantshipsunderthedirectionofHMG;approximately5,000oftheseweresunkinWW1andafurther2,500inWW2,manyofwhichweredesignated“OfficialGoldCarriers”.TheapproximateattritionrateofmerchantshipsduringbothWorldWarshasbeenestimatedataround60%.AlthoughHMGintroducedWarRiskInsuranceduringbothWorldWars,thisonlycovered‘market’and‘set-aside’goldaswellassomeBoEgold–HMGgoldwasnotinsured.Research:Exclusiveaccessto25years’worthofresearch

BGLhasexclusiveaccesstofourdedicatedresearchteamslocatedintheUK,theUSandCanada,althoughinvestigationshavealsotakenplaceinSouthAfricaandIndia.Theteamshavespentsome25yearsaccumulating8milliondocuments (27 terabytesofdigitized information)whichprovidesubstantiveevidenceofwhichsunkenshipscarriedthevaluablecargoes.

Records of these shipping losses are scattered globally throughout HMG archives, maritimemuseums, banks and National Record Offices both public and privately sealed to which ourresearch teamshave had access.Widespread research is continuingwith existing research beingfurthervalidatedandpreviouslyunknownlossescontinuallybeingbroughttolight.

Current research covers both World Wars. Today, historians are currently engaged in on-goingresearch, in theUK, theUSandCanadawithdiscoveriesofpreviouslyunknown losses.AppendixOneoutlines thearchivesusedtogather theevidenceandthedocumentationanddigitisationofinformationfromtheresearch.

Thisisnotthefirsttimethatrecoveryhasbeenattempted;therehavebeenanumberofsuccessfulrecoveriesincluding:

• HMGagreedtherecoveryofgoldbullionfromHMSEdinburgh,northofMurmanskin1981.Therecoverywasestimatedat£60mwiththesalvorbeingawardedcirca£16m.

• OdysseyMarineconfirmedrecoveryof110tonsofsilveringotsfromSSGairsoppa,300milesSouthWestofIrelandin2013–estimatedrecoveryvalue£137mwiththesalvorbelievedtohavebeenawarded80%ofrecoveryvalue.

• During2013,DeepOceanSearchrecoveredcargofromCityofCairo,sunkin1942.Lyingat5,000metressome160milessouthwestofSt.Helena,shecarriedsilverRupeesworthc.£34m.

Massiveshipmentsofnon-ferrousmetalswerenotkeptsecretandtherehavebeenscatteredsalvagemissionsovertheyearsonshipscarryingthesecargoes.Salvageandrecovery:Treatingallshipwreckswiththehighestlevelofrespectatalltimes.Theseshipwrecksarenotwargravesbutwillbetreatedwithutmostrespectatalltimes.Anyresearchedwrecksthatarelegallyorequallyimportantly,emotionallysensitive,willnotformpartofanypotentialrecoveryprogramme.Acombinationofhighlevelresearchidentifyingthecargopositionsonboardandtheuseofmoderndaysalvagetechnologywillfacilitateasurgicalapproachtotheextractionofcargoes,thusensuringaslittleinterferencetothewreckaspossible.Uponthecompletionofoperationsateachsite,acommemorativeplaquewillbeplaceduponeachshipwreck,honouringthosethatsuccumbedtothelossatthetime.AllsalvageandrecoverywillbeundertakenbyIDM,whoseexperiencedanddedicatedmanagementpersonnelhavedecadesofsuccessfulsalvagemissionsbehindthem,including:

• NuestraSeñoradelasMercedes:aSpanishmerchantvesselwhichwassunkoffthecoastofPortugalin1804withalargecargoofgoldandsilvercoins,workedgoldandartefacts.Recoveriescommencedin2007withatotalestimatedvalueof$500m.

• SSRepublic:apassengershiplostinastormwhilstonajourneyfromNewYorktoNewOrleansin1865,carryingalargecargoofgoldandsilvercoins.Todate$75mhasbeenrecovered,withanestimatedfurther$150mstilltobesalvaged.

• FrançoisVieljeux:aFrenchcargovessellostin1,250metersofwaterofftheNorthWestcoastofSpainin1979withacargoof3,500tonsofcopperand350tonsofzinc.Thesalvagedvalueofmetalsisestimatedat$25m.

• Multipleshipwreckslocated,positivelyidentifiedandsurveyedbyIDMteammembers.• Recovery of a perished submarine, numerous commercial aircraft, an oil tanker, an oil

platformandanoilstoragefacility.• Variousoilfielddecommissioningprojects.

a)SalvagecriteriaBGLhasaccesstodatabasescontainingmanythousandsofwrecksofinterest.Fromthis,BGLhasidentifiedwrecksofhighvalue,andhasprioritisedrecoveriesbasedonthe“ClusterPrinciple”,wherebywreckswithinclosevicinityaregroupedtoensureoptimisationofsurveyandsalvageproceduresandcosteffectiveness,whilstminimisingrisk.Eachclusterconsistsofthreetosixhighprobabilitytargetwreckswithintypicallya500-squaremilearea.b)Salvagetechnical

BGL’sresearchhashighlightedanumberofcriteriaforselectionincluding:cargoes,location,waterdepthandownershipclaimswhichtogetherwiththefollowinghelptoensuretheclustersidentifiedhavethehighestprobabilityofsuccess.Criteria:

• Thecircumstancesandlocationofthesinkingbeingknownfrominquestdocumentationandsurvivoraccounts.

• Formedresearchpackagesofeachindividualwrecktarget.• Clusterprincipleallowsforcloseproximitysurveyandsalvageoperations,single

mobilisationanddemobilisationofsurveyandsalvagevessels.• GPSprovidespinpointaccuracyoftarget’sposition.• Autonomousunderwatervehiclesorsidescansonarareusedfordetectionof“Position

Approximate”wrecks–thesecoordinatesallowforidentificationandconclusiveinspection.• Processedsurveydatadeterminesbestmethodsforcargoextraction.• ROVandRIEallowforcuttingandremovalofhullandsuperstructureandultimateaccessto

thebullionstoragelocations.Thetimelinebelowshowstheexpectedsurveyandsalvageoperationsprocessforthefirstsurveyandsalvageoperation:

Thecommencementofthesurveyandsalvageoperationsaresubjecttothetimingofraisingtheequityinvestmentfunding.Howdoesthesalvagerewardwork?ResearchindicatesthattheCargoesontheshipstargetedforrecoverywerecoveredunderBritishGovernmentWarRiskReinsurance,andarethereforelegallyownedbyHMG.IntheabsenceofaprioragreedcontractwithHMG,asowneroftheCargo,allsalvageclaimsaregovernedbytheSalvageConvention.Subjecttojurisdictionintheeventofasuccessfulrecovery,theCompanywillaimtoestablishalienovertheCargoimmediatelyafterrecovery,pendinganduntilagreementisreachedwithHMG.ThislieniscoveredundertheSalvageConventionandlocallaw,andtheCompanywillseeklegaladviceastolocallawregardingthesanctityoftheproposedrecoverylandings.

SurveyOperationsFirstcharter

periodSecondcharter

periodThirdcharter

period

Month1 Month2 Month3 Month4 Month5 Month6 Month7 Month8 Month9

SalvageOperationsMobilisation

period

Firstcharterperiodandoperational

Secondcharterperiod

Demobiliationphaseperiod

Securecharterandmobilisation

SecurecharterThirdcharter

period

Assumingthesalvageoperationissuccessful,intheabsenceofagreement,theCompanywillseektocommenceproceedingsforasalvageclaimundertheSalvageConventionwhichasaminimumwouldensuretheCompany’srecoveryofallreasonable“out-of-pocketexpenses”incurredinthesalvageoperation,subjecttothevalueofthegoodsrecoveredasacap.TheCompanyhasnoformalagreementwithHMGbutintendstonegotiatetocommit20%ofeachCargo’srecoveryvaluetoHMG,forwhichthereisprecedent.AfirmagreementwithHMGattheoutsetwouldbepreferable,butthisisnotpossibleasHMGwillonlyopineafterasuccessfulrecoveryoperationandconfirmationthatitisthelegalownerofthesalvedCargo.Ifthesalvageoperationissuccessful,theCompanyasaprovensalvor,wouldhopetoestablishaformalagreementwithHMGwhichwouldcaterforallfuturerecoveries,irrespectiveofthevalue,andwouldprovidemorecertaintyastoprofitabilitywithineachfuturerecoveryoperation.AsthegeneralpracticeduringWW1wasforWarRiskInsurancetocoveronly70%ofthecargovalue,incertaincasestherecouldbesubrogatedclaimsforwhichtheCompanywillmaintainaretentionfundand/orattempttoidentifyandvalidateanyinsuranceclaimsthatcouldbebroughtagainsttheCompany.Itisintendedthatanyretentionfundinrelationtotheseclaimswouldbeestablishedaftertheinvestorshavereceivedtheirinitialinvestmentreturn.OutsourcingthesalvageandrecoveryoperationsPursuanttotheServicesAgreement,IDMisabletoprovidetheexperiencedoffshoremanagementpersonneltoidentify,guideandoverseethesalvageandrecoveryoperationsundertakenbythedesignatedcontractorsandsub-contractors.TheemploymentofanyshipwillbethroughtheCompanyandnotIDM.Havinggoodmarketexperience,IDMisabletoidentifycontractorswiththeknowledge,expertiseandproventrackrecordstoundertaketheoperationsontheirbehalf.Furthermore,interactingwiththedesignatedcontractorsengineeringdepartmentsaheadoftimeallowsforaclearunderstandingoftheprojectandtoagreetherequirementsforsafeandefficientexecution.Forsurveyoperations,IDMwishestoutilisetheservicesofComexbaseduponitsextensivehistoryindeepwateroperations,uniquestateoftheartsurveyequipmentandpreferentialCharterRates.Also,thefactthatthedesignatedIDMSurveyManager(SebastienLacombe)previouslyspentseveralyearsemployedbyComexmeanscloserelationshipshavealreadybeenestablishedandacompleteunderstandingofthecontractor’soperationalmethodologiesarealreadyunderstood.IDMwillplaceoneclientrepresentativeonboardthesurveyvessel,SebastienLacombe,tooverseeallrequiredsurveyoperations;hewillworkcloselywiththeComexSurveyPartyChiefonboardinordertocompletethesurveyoperationsinatimelymanner.IDMhasalongstandingrelationshipwithitspreferredsalvageshippingprovider,Swire,andwillbeinapositiontoapproachitdirectlyforvessel,equipmentandcrewfromitsin-housepoolofresources.However,shoulditbethecasethatSwireisnotinapositiontomeetthetimelinesIDMrequire,thenitistheintentiontoapproachthesubseavesselmarketviaareputableshippingbroker

suchasClarksonsPlatou(London).Withthecurrentdownturninthemarineoilandgasindustry,thesecuringofasuitablevessel,equipmentandcrewisnotconsideredtobeproblematicwhencoupledwiththeabilityofIDMto‘hand-pick’bothequipmentandpersonnelonoffertosuittheoperationalrequirements.Additionally,theNon-ExecutiveDirectors,whohavesignificantexperienceandstandingintheindustry,willbeabletoassisttheCompanyinsecuringsub-contractsoncompetitivetermswithmajorsuppliersofvesselsandequipment.Theorganogrambelowhighlightstherelevantdepartmentsonboardthesalvagevesselandtheirsubsequentinteraction:

5. MediaandPRpolicyThesearchforBritishgoldisanattractivestoryline.StoriesofgoldandpreciouscargorecoveriessuchastheinfamouspirateshiptheWydah,theSpanishGalleonAtochaortheChineseNanKing

cargohavefillednewspapersandtelevisionscreensforthelast20years.FromDiscoveryChanneltoNationalGeographic,theBBC,ITVandChannel4,televisionshowsaboutshipwrecksandtreasurehuntscontinuetoattractlargeaudiences.TheCompanybelievesthereisconsiderablepotentialforgeneratingrevenuethroughtheproductionofasingle50-70minutefilmorashortthreepartseriesof45minuteseachthatdescribesinteraliatheBGLstory,thestoryofindividualshipsandthemoderndaystoryofsurveyandsalvagerecovery.BGLisadvisedbyWillAslett,anex-BBCexecutiveproducerandcreatorofmanyhoursofprimetimemarinesalvageandarchaeologyfilmsforeverymajorbroadcaster.Guidedbyhim,theCompanywillexaminethemeritsofthreeapproachestocreatinghigh-qualityTVdocumentarycoverage:1. Controltheeditorialcontentbypayingfortheproductionofthefilmupfrontandthenselling thecompletedfilmtobroadcastersthroughaninternationaldistributor.Thisalsoallows controlovervideoandstillimagesforNewsMedia.2. Seekaco-productionagreementinwhichthefilmisfundedbyagroupofbroadcastersbutin whichcasetheycontroltheeditorialthrustandcontentoftheresultingfilmandthereisa smallerfinancialreturn.3. TrytohavethefilmcommissionedbyastreamingservicelikeAmazonorNetflix.Revenue isunpredictableandagainaccessbyNewsMediamayalsobe compromised.Inallcases,thecostofproductionofadocumentaryfilmisthesame.Thecostsonlyvarybylengthorambitionbutabasicoutlineis:50-70minutesatc.£500korathree-partseriesat£600k.BGLarestillconsideringthemeritsofproducingadocumentaryfilmandthereforetherearenoincomeorexpenditureassumptionsinrelationtothisprojectintheproformafinancialforecasts,asdiscussedfurtherinSections13and14.Afterthefundraising,BGLareconsideringdevelopingatrailerinordertoattractbroadcasterinterestintheCompany;itisexpectedthatthiswillcostintheregionof£10ktoproduce.6. Donationstocharities

BGLareintendingtomakecharitabledonationstomerchantmarinecharitiesaftereachsuccessfulsalvageoperation.TheamountofthedonationswillbeatthediscretionoftheBoardandwillbemadetoappropriatemerchantmarinecharities.7. DirectorsandemployeesDirectors PhilipReid(ExecutiveChairman) WillCarrier(OperationalDirector) NigelBlincowFCCA(FinanceDirector)

MauricioGarrido(Non-ExecutiveDirector) NickHenry(Non-ExecutiveDirector) IDMemployees BentonWilcoxon(CEO) CaptMarkMartin(SalvageMaster/OffshoreManager) SebLacombe(NavalArchitect/MarineEngineer/SalvageMaster) TBC(MarineArchaeologist)BGLBoardPhilipReid(ExecutiveChairman)PhilipiscurrentlyChairmanoftheAngelBusinessClubandhasover35years’experienceinfinancialservicesspecialisinginthedevelopmentandfundingofearlystagecompanies.HewasaChiefExecutiveoftheNationalResearchDevelopmentCorporation,agovernmentbackedventurecapitalorganisationwhichoversawtheexploitationofmanyoftheUK’sleadingindustrialinnovations.HewaslateraSeniorVicePresidentofMerrillLynch,co-founderofCustomHouseAssetManagementinDublinandinrecentyearshasbeenChairmanofsomefiveAIMorPlusListedpubliccompanies.WillCarrier(OperationalDirector)Willhasspentover30yearsworkinginthemarinesubseaindustry,bothoperationallyandasbusinessdevelopmentconsultanttocorporatelevel.Hisbroadspectrumofexpertiseencompassesrelevantlegislation,HSEQandmaritimecontractingbothonandoffshoregivescredenceinhisabilitytomanageanddeveloptheoperationalaspectsofthebusiness.

Willhasbeeninvolvedinsomeoftheworld’slargestandmostchallengingmarineengineeringandoilfieldsubseaconstructionanddecommissioningprojects,includingthePiperAlphadisaster,therecoveryoftheKurskandthesalvagingoftheFrancoisVieljeux.Morerecently,WillhasconductedpreliminarysurveyexpeditionsonvariouswrecksBGLhasidentifiedastargets,usingstateoftheartvesselsequippedwiththelatestinmarinesurveytechnology.

NigelBlincowFCCA(FinanceDirector)Nigelhasbeeninvolvedinshippingformostofhiscareer,initiallyasanauditor,andforthepast23yearsasaCFOinshipmanagementoverseeingafleetofproductcarriers.Hehasexperienceintreasuryandbankingtogetherwithcompanystructuring,budgeting,cashflowreporting,accountspreparationandliaisonwithauditorsandbanks.MauricioGarrido(Non-ExecutiveDirector)Mauricio’sroleinBGListoprovidestrategicadviceontheoperationsoftheCompany.MauricioiscurrentlythepresidentofHoustonbasedT&TSalvageLLC(“T&TSalvage”),fromwherehemanagesglobaloperationsinresponsetosalvage,wreckremoval,oilspillandotheremergenciesforthemaritimeandenergysectors.SinceOctober2008,MauriciohasbeenatthehelmofT&TSalvage,aTeichmanGroupLLCcompany,wherehehassuccessfullyledthecompany’sexpansionintothetop

tieroftheinternationalmarineandoffshoresalvagemarket.AspresidentofT&TSalvage,Mauricioisresponsibleforleadingthedaytodayglobaloperationsofahighlyskilledandspecializedteamtodeliversolutionstochallengingsalvagecases.MauricioisapastpresidentandexecutivecommitteememberoftheAmericanSalvageAssociation.HeisamemberoftheNorthAmericanEnvironmentalProtectionAssociationandtheInternationalAssociationofEmergencyManagers.Inaddition,MauricioisanactivememberandlectureroftheOrganizationofAmericanStatesInter-AmericanCommitteeonPorts,aswellasthePan-AmericanInstituteofNavalEngineering.NickHenry(Non-ExecutiveDirector)Nick’sroleinBGListoprovidestrategicadviceontheoperationsoftheCompany.NickwasappointedasCEOofJamesFisherandSon’splcin2004havingjoinedthecompanyin2003asaManagingDirectorofJamesFisherTankshipsLtd.PriortothisNickworkedfor20yearsforP&OContainersandP&OPorts,ofwhich10yearswereinseniormanagementpositionsbasedinSingapore,HongKong,Australia,NetherlandsandtheIndianSub-Continent.Nick'sexperienceencompassesawiderangeofcommercialandoperationalroles,includingfleetmanagementandinformationtechnology.IDMTeamBentonWilcoxon(CEO)Bentonleadsthefinancing,administrationandlandsideoperationsofIDM.HeisanexperiencedfounderandCEOofseveraladvancedmaterialsandprocessestechnologycompaniesthathaveestablishedsignificantmarketsworldwide.Heiscurrentlyinvolvedincommercializingnovelhighperformancenano-structuredtitaniummetalproductsforuseinsubseaequipmentandtheoilindustry.Hehasalsobeenresponsibleforbothfundingandco-ordinatingtheresearcheffortandwillberesponsibleforthelatterwithinIDMandBGL.Capt.MarkMartin(SalvageMaster/OffshoreManager)Markisanaccomplishedmarinemanagerwithanexcellentknowledgeofmarinesurveysystemsanddeepwatersalvageandrecoverytechniques,havingstartedhiscareerasasubmarineronUSSDolphin,theworld’sdeepestdivingsubmarine.HesubsequentlyspentfiveyearsatOdysseyMarineExploration,managingexpeditionsthatdiscoveredBlackSwan,HMSVictory,SSRepublicandfiveWW2GermanU-boats.HehasconductednumerousotherexpeditionsintheAtlantic,WesternApproaches,CaribbeanandMediterranean,operatingindepthsfrom300FSWto17,000FSW.SebLacombe(NavalArchitect/MarineEngineer/SalvageMaster)Seb,afullyqualifiedmarineengineer,hashugeknowledgeofthemarineoilandgasindustryaswellasshipwrecksurveyandsalvageenablinghimtodesignandimplementsubseasalvagesystemssuchaselectro-mechanicalgrabsandRemoteOperatedVehicletoolingskidsforuseonrecoveryprojects.Sebhasbeeninvolvedinsearch,identificationandsurveyoperationsutilisingside-scanandacousticmulti-beamsurveysystemsaswellasseveralsuccessfulrecoveryoperations.

TBC(MarineArchaeologist)BGLisalsoseekingasuitablyqualifiedmarinearchaeologisttoassistinallsurveyandsalvageactivities. 9. Summaryofoperationagreements

• Asixyearlicenceagreementwassignedon14February2017betweenIDMandoneoftheResearcherstouseandexploitthedataandmaterialsrelatingtovesselscarryingpreciousmetalsandothervaluablecargoesaswellasvariousnon-ferrousmetalsonvesselssunkduringbothWorldWars.Duringthelicenceperiod,thelicenceprovidesIDMwithexclusiveaccesstoviewandexploitthedataandmaterialsandtoworkwiththeResearchertoimprovetheinformationontheVessels.

• Asixyearlicenceagreementwassignedon14February2017betweenIDMandoneoftheResearcherstouseandexploitthedataandmaterialsinrelationto20valuableshipwrecksscatteredglobally.Inaddition,allnewresearchacquiredduringtheperiodofthelicenceagreementwillbefullyavailabletoIDM.

• Alicenceagreementwassignedon15February2017betweenBGLandIDMtosub-licencethedataandmaterialsprovidedbytheResearchers,asoutlinedbelow:

1. researchinformationonshipwrecktargetswithvaluablecargostosalvage;2. agreementswiththeresearcherstoutilizetheinformation;3. providingtheanalysisandselectionoftheshipwrecktargetsforsalvage;4. locatingandprocuringsurveyvesselswithequipmentandcrews,salvage

vessels,equipment,andcrews,surveyandsalvageexpertise;5. logisticsoperations;6. recoveryandhandlingofrecoveredcargos;7. providingpresentationsandreportingasrequiredbytheCompany;8. coordinatingwiththeCompanyonanypublicrelationsandmedianecessary;

and9. participationindiscussionswithanyidentifiedrecoveredcargoowners.

BGLisyettoenterintoanyTimeCharters.10. AdvisersFinancialAdvisersAngelCorporateFinanceLtd, BondHouse,4thFloor,20WoodstockStreet,London,W1C2ANAccountantsMooreStephensLLP,150AldersgateStreet,London,EC1A4AB

LegalAdvisersCampbellJohnstonClarkLtd,59MansellStreet,London,E18ANRegistrarsBeaufortSecuritiesLtd,63StMaryAxe,London,EC3A8AABankersTheRoyalBankofScotlandplc,62/63ThreadneedleStreet,London,EC2R8LABrokersSanlamSecuritiesUKLimited,MonumentPlace,24MonumentStreet,London,EC3R8AJ

B.DETAILSOFTHEPRIVATEPLACEMENT

11. PurposeofthePrivatePlacement

TheprivateplacementisbeingundertakentoraisefundsforBGLtoenableittocommencesurveyandsalvageoperationsasdefinedwithinthisPPM.Fundingofupto£15,000,000isbeingsoughtfrombothindividualandinstitutionalinvestors.Amaximumof£5,000,000istoberaisedfromindividualswhowillbelookingtobenefitfromEISstatusandaminimumof£10,000,000istoberaisedfrominstitutionalandothernon-EISinvestors.TheDirectorsretaindiscretionastothetimingofthespendingoffundswhichareintendedtobeutilisedasdetailedinSection15ofthisPPM.EISandVCTSchemes

BGLhasappliedfor,andhopestohaveobtainedbeforethesharesareallotted,provisionaladvanceassurancefromHMRCthatthesharesplacedwithVCTSchemesareexpectedtoconstituteaqualifyingholdingforsuchVCTSchemes.HMRCshouldalsoconfirmthatthesharesshouldsatisfytherequirementsfortaxreliefunderEIS.However,eligibilityisalsodependentonashareholder’sownpositionandnotjustthatofBGL.Accordingly,youshouldtakeyourownindependentadviceandyouarereferredinparticulartoSection12ofthisPPM.ApplyingforsharesMembersofthepublicwillbeinvitedtoparticipateinthisprivateplacementthroughtheAngelEquitywebsite-www.angelequity.eu.Onapplicationthepotentialinvestorwillberequestedtoself-certifyaseitherarestrictedinvestor,highnetworthinvestororasophisticatedinvestor.ThepotentialinvestorwillalsoberequestedtoprovidethenecessaryidentificationdocumentsinorderthatAngelEquityanditscustodianpartner,BeaufortAssetClearingServicesLtd,cancomplywiththeirclienttakeonproceduresincludingtheiranti-moneylaunderingpolicies.AllinvestmentfundswillbewireddirectlytoBeaufortAssetClearingServicesbankaccount,whoareauthorisedandregulatedbytheFinancialConductAuthoritytohandleclientmoneyandprovidecustodianservicesunder:FRN:485165.

12. Termsandconditions

BoardofDirectors'authoriseShareIssue

TheDirectorsoftheCompanyataboardmeetingheldon24March2017agreedtoashareissueonthetermsfoundbelow.

TheBoardoftheCompanydecidedonashareissuepursuanttowhichtheCompanyshallofferamaximumtotalof15,000newordinarysharesintheCompanyforsubscriptiontothirdpartyinvestors,inaccordancewiththesetermsandconditions(the"ShareIssue").ThepurposeoftheShareIssueistoraiseworkingcapitalfortheCompanyinaccordancewiththestatedaimsinthis

PrivatePlacementMemorandum.TheBoardbelievesthattheShareIssueisinthebestinterestsoftheCompany.

Amountofsubscription

Amaximumtotalof15,000newordinarysharesshallbeofferedforsubscriptionintheShareIssue.

Theminimumsubscriptionis£1,000perpersonwhichequatestooneordinaryshareintheCompany.Thereisnomaximuminvestmentperperson.

SubscriptionPeriod

Thesubscriptionperiodfornewordinarysharesshallbeginon28March2017andendon30June2017(the"SubscriptionPeriod").ThesubscriptionshallbemadeduringtheSubscriptionPeriodinaccordancewiththerequirementsfoundatwww.angelequity.eu.

Approvalandpaymentofsubscription

TheBoardshalldecideontheapprovalofandamountofthesubscriptionafterthecloseoftheSubscriptionPeriod.Subscribersshallbeinformedbyemailoftheapproval(orotherwise)ofsubscriptions.

TheBoardmayapproveorrejectasubscriptioninitsabsolutediscretion,reducethesizeofthesubscriptionorrejectthesubscriptionoutright.Noapprovalofsubscriptionsisguaranteed.

Approvedsubscriptionsmustbepaidnolaterthan4August2017inaccordancewiththeinstructionsprovidedtogetherwithnoticeofapproval.

Transferrestriction

AsubscribershallhavenorighttotransferorpledgetherighttothesharessubscribedintheShareIssueexceptaspermittedbytheArticlesofAssociationand/ortheshareholdersagreementoftheCompany.

Shareholder'sgeneralrights

ThenewordinarysharesshallhavetherighttoreceivedividendsfromthedatewhentheordinarysharesarefullypaidandenteredintothestatutorybooksoftheCompany.

EachnewordinaryshareshallrankparipassuandhavethesamerightsastheCompany'sothershares(otherthanitspreferenceshares)fromthetimeoftheirregistration.EachnewordinaryshareshallbeentitledtoonevoteattheAnnualGeneralMeetingoftheCompany.

Notwithstandingtheforegoing,itisagreedandunderstoodthatalltheshareholdersoftheCompanyshallhavetherightsthataregiventoshareholdersoftheCompanypursuanttotheCompany'sArticlesofAssociationorunderstatuteorcommonlaw.Fortheavoidanceofdoubt,theCompany'sArticlesofAssociationwillprovideregulationsrelatingtothetransferofshares,the

redemptionofshares,pre-emptionrights,theconductofgeneralmeetingsandallothermattersthatwouldreasonablybeexpectedtobecoveredinsuchArticlesofAssociation.

Further,ashareholdersagreementwillbeenteredintothatwillfurtherdetailapplicablerightsandobligationsoftheshareholdersoftheCompanyandtheCompanyitself.Shareholdersholdingmorethat5%oftheequityoftheCompanymaybeobligedtoenterintosuchshareholdersagreement.

TheBoardoftheCompanyshalldecideuponothermattersrelatedtotheissueofthenewordinarysharesandtotheShareIssueandforpracticalmeasuresarisingthereof.

Registrationofnewshares

ThenewordinarysharessubscribedintheShareIssueshallbeissuedbytheCompanyandsenttothenewshareholders.ThenameofeachshareholdershallberecordedinthestatutoryregisteroftheCompanywhichwillbeheldattheregisteredofficeoftheCompanyfromtimetotime.

Governinglawandsettlementofdisputes

TheShareIssueandthisPrivatePlacementMemorandumshallbegovernedbyEnglishlaw.AnydisputesarisinginrespectoftheShareIssueshallberesolvedbytheHighCourtofJustice,London,England.

13. Taxconsiderations

ThefollowingstatementsareintendedonlyasageneralguidetocurrentUKtaxlegislationandtothecurrentpracticeofHMRCandmaynotapplytocertainshareholdersintheCompany,suchasdealersinsecurities,insurancecompaniesandcollectiveinvestmentschemes,orshareholderswhoseopportunitytoacquiresharesarosefromtheiroranother’semployment.Theyrelate(exceptwherestatedotherwise)topersonswhoareresident,ordinarilyresidentand,inthecaseofindividuals,domiciledintheUKforUKtaxpurposes,whoarebeneficialownersofnewordinarySharesandwhoholdtheirnewordinarysharesasaninvestment.Anypersonwhoisinanydoubtastohistaxposition,orwhoissubjecttotaxationinanyjurisdictionotherthanthatoftheUK,shouldconsulthisorherprofessionaladvisersimmediately.Dividendsa. WithholdingatsourceTheCompanywillnotberequiredtowithholdatsourceonaccountofUKtaxwhenpayingadividend.b. IndividualShareholdersThefirst£5,000ofdividendsreceivedinaggregatefromallsourcesbyaUKresidentindividualshareholdereachtaxyeararetaxedat0%.

Anydividendsreceivedinaggregatefromallsourcesinexcessofthisamountwillbetaxedat7.5%,32.5%and38.1%forincomefallingwithinthebasicrate,higherrateandadditionalratebandsrespectively.IndividualshareholderswhoarenotresidentintheUKfortaxpurposesshouldconsulttheirownadvisersconcerningtheirtaxliabilitiesondividendsreceived.c. OthershareholdersShareholderswhoarewithinthechargetoUKcorporationtaxwillbesubjecttocorporationtaxondividendspaidbytheCompany,unlessthedividendsfallwithinanexemptclassandcertainotherconditionsaremet.Whetheranexemptclassappliesandwhethertheotherconditionsaremetwilldependonthecircumstancesoftheparticularshareholder,althoughitisexpectedthatthedividendspaidbytheCompanywouldnormallybeexempt.UKpensionfundsandcharitiesaregenerallyexemptfromtaxondividendswhichtheyreceive.ChargeablegainsForthepurposeofUKtaxonchargeablegains,theamountspaidbyashareholderfornewordinaryshareswillgenerallyconstitutethebasecostofhisholdingsineachtypeofsecurity.IfaShareholderwhoisresidentintheUK(forUKtaxpurposes)disposesofallorsomeofhisnewordinaryshares,aliabilitytotaxonchargeablegainsmayarise.Thiswilldependonthebasecostwhichcanbeallocatedagainsttheproceeds,theshareholder’scircumstancesandanyreliefstowhichtheyareentitled.Inthecaseofcorporateshareholders,indexationallowancemayapplytoanyamountpaidforthenewordinaryshares.Thecurrentrateofcapitalgainstaxforindividualsliabletoincometaxatthehigheroradditionalrateis20percent.Individualswhosetaxableincomefortheyearinquestionislessthantheupperlimitofthebasicrateincometaxbandaresubjecttocapitalgainstaxattherateof10percent,excepttotheextentthattheaggregateoftheirtotaltaxableincomeandchargeablegains(lessallowabledeductions)inthatyearexceedstheupperlimitofthebasicrateincometaxband.Anysuchexcessovertheupperlimitissubjecttotaxattherateof20percent.Fortrusteesandpersonalrepresentatives,therateofcapitalgainstaxis20percent.Corporateshareholderssuffertaxoncapitalgainsattheprevailingrateofcorporationtaxapplicabletothem.Incertaincircumstancesacorporateshareholdermayqualifyforthesubstantialshareholdingexemptions,whichexemptcertaingainsfromcorporationtaxonchargeablegains.ShareholderswhoarenotresidentintheUKfortaxpurposesmaynot,dependingontheirpersonalcircumstances,beliabletoUKtaxationonchargeablegainsarisingfromthesaleorotherdisposaloftheirnewordinaryshares(unlesstheycarryonatrade,professionorvocationintheUKthroughabranchoragencyor,inthecaseofacompany,apermanentestablishmentwithwhichtheirnewordinarysharesareconnected).

IndividualshareholdersorholderswhoaretemporarilyneitherUKresidentnorordinarilyresidentmaybeliabletoUKcapitalgainstaxonchargeablegainsrealisedontheirreturntotheUK.StampdutyandStampDutyReserveTax("SDRT")Thestatementsbelowareintendedasageneralguidetothecurrentposition.TheydonotapplytocertainintermediarieswhoarenotliabletostampdutyorSDRT,ortopersonsconnectedwithdepositoryarrangementsorclearanceservices,whomaybeliableatahigherrate.InrelationtostampdutyandSDRT:(i) theallocationandissueofthenewordinaryshareswillnotgiverisetoaliabilitytostamp dutyorSDRT;and(ii) anysubsequentconveyanceortransferonsaleofshareswillusuallybesubjecttostampduty ontheinstrumentoftransferatarateof0.5percentoftheamountorvalueofthe consideration(roundedup,ifnecessary,tothenearest£5).Anexemptionfromstampdutyis availableonaninstrumenttransferringshareswheretheamountorvalueofthe considerationis£1,000orless,anditiscertifiedontheinstrumentthatthetransaction effectedbytheinstrumentdoesnotformpartofalargertransactionorseriesoftransactions inrespectofwhichtheaggregateamountorvalueofthetransactionexceeds£1,000.A chargetoSDRTattherateof0.5percentwillariseinrelationtoanunconditionalagreement totransfersuchshares.However,wherewithinsixyearsofthedateoftheagreement(or,if theagreementwasconditional,thedatetheagreementbecameunconditional)aninstrument oftransferisexecutedpursuanttotheagreementandstampdutyispaidonthatinstrument, anyliabilitytoSDRTwillbecancelledorrepaid.EISreliefThissummaryhasbeenpreparedonthebasisofcurrentlegislationandHMRCpractice.Relevantlegislation,regulationandHMRCpracticemaychange,asmaytheratesoftaxandtaxreliefavailable.Thetaxrelief’sreferredtoarethosecurrentlyavailable,andarepersonaltotheinvestor.Theirvalueandavailabilitydependsontheindividualcircumstancesoftheinvestor.

InvestorswishingtoclaimEISreliefareadvisedtoconsulttheirownprofessionaladvisers.

InvestmentundertheEISprovidesaninvestorwithanumberoftaxbenefits.Insummary,theseare:a. IncometaxreliefIndividualscanobtainincometaxreliefontheamountsubscribedforshares(upto£1,000,000in2016/17)inoneormorequalifyingcompaniesprovidedtheyarenotconnectedwiththeissuingcompany.Husbandsandwivescaneachsubscribeupto£1,000,000,however,whenconsideringwhetheranindividual’sshareholdingexceedsthemaximumproportionallowedundertheEIS(30percent),thatindividual’sshareholdingswillbeaggregatedwithsharesheldbyhisspouse,lineal

ancestorsandlinealdescendants.Tocalculatetherelieftheamountsubscribedismultipliedby30percent.Thereliefisgivenagainst,andcannotexceed,theindividual’sincometaxliabilityforthetaxyearinwhichthesharesareissuedunlesstheindividualmakesacarrybackclaim.

AninvestorwillnotbeeligibleforEISincometaxreliefifheisconnectedwiththecompany.Connectionisbyeitheracquiringorentitlementtoacquiremorethan30percentofthesharesorbybeinganemployeeorpaiddirectorofthecompany.

Howeverthereisanexceptionfordirectorswhoare“BusinessAngels”.Whereaninvestor’sonlyconnectionwiththecompanyisasdirectorwhoreceivesnoremuneration(andisnotentitledtosuchremuneration)andtheinvestorhasnotpreviouslybeeninvolvedincarryingonthetradethecompanyiscarryingon,aninvestmentmayqualifyforincometaxrelief.

Thatreliefisnotwithdrawniftheinvestorsubsequentlybecomesapaiddirector,providingtheremunerationisreasonable.b. ExemptionfromCapitalGainsTax(“CGT”)AnycapitalgainsrealisedondisposalafterthethreeyearperiodofthesharesonwhichEISincometaxreliefhasbeengivenandnotwithdrawn,aretax-free.

Thisreliefisinadditiontotheinitialincometaxreliefdescribedina.above.c. LossreliefagainstincomeorgainsTaxreliefisavailablewherethereisalossonadisposalofsharesonwhichEISincometaxrelief(seea.above)orCGThold-overrelief(seed.below)hasbeengiven.Theamountoftheloss(aftertakingaccountofanyincometaxreliefinitiallyobtained)canbesetagainsttheindividual’sgainsortaxableincomeinthetaxyearinwhichdisposaloccurs.d. CGTdeferralreliefTotheextenttowhichaUKresidentinvestor(includingindividualsandcertaintrustees)subscribesforqualifyingshares,hecanclaimtodeferpayingtaxonallorpartofachargeablegain.Thegainmayhavearisenonthedisposalofanyassetorapreviouslydeferredgainmayhavebecomechargeabletotax.Althoughundercurrentlegislationthereisalimitof£1,000,000forincometaxreliefandtheexemptionfromCGT(seea.andb.above),thereisnolimitontheamountofgainwhichcanbedeferred.Thesubscriptionmustbemadeandthesharesissuedwithinoneyearbeforeorthreeyearsafterthedateofdisposalwhichgivesrisetothegainorthedatewhenapreviouslydeferredgaincrystallises.ThegainisdeferreduntilthereisachargeableeventsuchasadisposalofsharesoranearlierbreachoftheEISrules.e. Inheritancetax

Providedashareholderhasownedsharesinaqualifyingtradingcompanyforatleasttwoyearsandcertainconditionsaremet,atthetimeofthetransfer,100%businesspropertyreliefisavailable,whichreducesthepotentialinheritancetaxliabilityonsuchaninvestmenttonil.f. Qualifyingcompany InorderforinvestorstobeabletoclaimandkeepEIStaxreliefs,thecompany(orgroup,ifapplicable)issuingthesharesmust:

• nothavegrossassetsinexcessof£15,000,000immediatelybeforetheshareissueand£16,000,000immediatelyafter;

• havefewerthan250fulltimeemployees(orequivalent)atthetimethesharesareissued;and

• becarryingonaqualifyingactivity,orintendtocarryonsuchanactivityandcommencetocarryontheactivitywithin2yearsofthetimethesharesareissued.

Certainactivitiessuchasdealinginland,sharesorsecurities,financial,leasingorletting,providinglegaloraccountancyservices,developingproperty,farmingandmanaginghotelsornursinghomesdonotqualify.

Itshouldbenotedthatcompaniesarenotallowedtoraisemorethan£5minany12monthperiodfromEISandVCTs.Investmentsfromanyoralloftheseschemesmustfallwithinthe£5mlimit.

Additionally,companiesmayonlyraiseatotalof£12mfromtheissueofEISshares,unlesstheyqualifyas“knowledgeintensive”inwhichcasethelimitis£20m.

ThissummaryofUKtaxationissuescanonlyprovideageneraloverviewoftheseareasanditisnotadescriptionofallthetaxconsiderationsthatmayberelevanttoadecisiontoinvestintheCompany.ThesummaryofcertainUKtaxissuesisbasedonthelawsandregulationsinforceasofthedateofthisdocumentandmaybesubjecttoanychangesinUKlawoccurringaftersuchdate.Legaladviceshouldbetakenwithregardtoindividualcircumstances.AnypersonwhoisinanydoubtastohistaxpositionorwhereheisresidentorisotherwisesubjecttotaxationinajurisdictionotherthantheUK,shouldconsulthisprofessionaladviser.

C.FINANCIALINFORMATION

14. Proformastatementoffinancialposition

ThetablebelowshowstheforecastproformaannualstatementoffinancialpositionforBGLforthethreeyearsto31December2019:

Keyforecaststatementoffinancialpositionassumptions:

• Itisassumedthatallsalvageincomehasbeenreceivedbytheyearend.• Itisassumedthatthecorporationtaxliabilitywillbepaidintheyearfollowingtheyearitis

incurred.• Itisassumedthatanydividendsarepaidintheyearinwhichtheyarerecognised.

15. Forecastproformafinancialinformation

Britannia's Gold LtdForecast proforma annual statement of financial position

As at 01 Jan 2017 2017 2018 2019£000s £000s £000s £000s

AssetsTrade receivables - - - -VAT receivable - 99 120 120Prepayments - 83 83 83Cash and cash equivalents 0 109,544 132,487 304,114

0 109,726 132,690 304,318

Total current assets 0 109,726 132,690 304,318

Total assets 0 109,726 132,690 304,318

EquitySEED Investors' share capital - 0 0 0Britannia Founders' share capital 0 15 15 15EIS Investors' share capital - 5 5 5Non-EIS Investors' share capital - 10 10 10Total share capital 0 30 30 30

SEED Investors' share premium - 250 250 250Britannia Founders' share premium - - - -EIS Investors' share premium - 4,995 4,995 4,995Non-EIS Investors' share premium - 9,990 9,990 9,990Total share premium - 15,235 15,235 15,235

Retained earnings (21) 14,979 29,979 44,979Other capital reserves - (15) (15) (15)Total equity and reserves (21) 30,229 45,229 60,229

LiabilitiesTrade and other payables 21 45 54 54Current tax liabilities - 79,452 87,406 244,034Dividends payable - - - -Total current liabilities 21 79,497 87,461 244,088

Total equity and liabilities 0 109,726 132,690 304,318

ThetablebelowshowstheforecastproformaprofitandlossforBGLforthethreeyearsto31December2019:

Keyforecastprofitandlossassumptions

Income:

• Salvageincomevalueassumes100%recoveryoftheexpectedsalvagevalueofthetargets.• In2017,itisassumedthatthesavageoperationwillfocusonthreelessvaluabletargets

(“Cluster1”).ThechoiceoflessvaluableCluster1targetshasbeenmadeafterstudyingseveralfactorstoidentifythehighestprobabilityofsuccessforthefirstyear,theseinclude:

1) Highqualityofresearchavailableforthetarget;2) Knownlocation;

Britannia's Gold LtdForecast proforma annual statement of profit and loss

2017 2018 2019£000s £000s £000s

RevenueSalvage income 555,550 619,920 1,693,300

555,550 619,920 1,693,300

Cost of salesSurvey vessel costs (1,156) (1,178) (1,178)Salvage preparation costs (50) - -Salvage costs (11,936) (16,499) (16,499)Total survey, research and salvage costs (13,142) (17,677) (17,677)

Research royalty (667) (1,000) (1,000)Cargo owner's share (108,348) (120,249) (334,925)

(122,157) (138,925) (353,601)

Gross profit 433,393 480,995 1,339,699Margin 78% 78% 79%

Selling, general and administration expenditure (757) (974) (974)Fundraising costs (1,050) - -Charitable donation (13,416) (19,987) (54,335)

Operating profit 418,170 460,034 1,284,390

Finance costs - - -

Profit before tax 418,170 460,034 1,284,390

Corporation tax (79,452) (87,406) (244,034)

Profit after tax 338,718 372,627 1,040,356

Dividends: (323,718) (357,627) (1,025,356)

Profit after tax and dividends 15,000 15,000 15,000

3) Lesscomplexsalvagestrategy;and4) Theobjectiveistoachieveasuccessfulexpeditiontorepayandbenefitallstake

holdersfromCluster1,ideallycompletedin2017,andtointernallyfundthe2018salvageoperation.

• Itisassumedthatin2018and2019,thesalvageoperationswillfocusonthehighervaluetargets(“Clusters2and3”).InClusters2and3,BGLhasintentionallyselectedmuchhighervaluetargets.Theseareequallywellresearchedbuthaveahigherriskfactorowingtomorecomplexsalvagerequirements,andwilllikelybebothlongerandcostlierthanCluster1.

• ThesalvageassumptionsarebasedontheinsuredamountsundertheWRIOandsodonotincludeanyself-insuredHMGgold.

• TheforecastsonlyincluderecoveryofgoldspecieandbullioncoveredunderWRI.• Noallowancehasbeenmadeforotherpreciousmetalsorvaluableartefacts.• Noallowancehasbeenmadeforanyincomederivedfromtelevisionorpublishing.

Expenditureanddividends:

• ItisassumedthatHMGwillreceivea20%shareofthenetsalvageincome,whichisafterdeductingsurvey,researchandsalvagecostsandtheresearchroyalty.

• Thefundraisingcostsin2017includepaymentofcommission.AngelEquitywillreceivecommissionona£5mfundraiseusingtheLehmanscale.AngelCorporateFinanceLtdandSanlamSecuritiesUKLimitedwillreceivecommissionof6%onanyintroductionofinvestors.

• Itisassumedthatthecharitabledonation,whichwillbepaidtomerchantmarinecharities,iscalculatedasa%ofsalvageincomeafterdeductingtheCargoOwner’sshare.Thedonation%isassumedas3%in2017and4%perannumin2018and2019.

• Corporationtaxisassumedtobe19%perannum,anditisassumedthatallincomeandexpenditureistobeincludedinthetaxcalculation.

• Itisassumedthattherewillberetentionof£15mofprofitsperannumbeforedistributingdividends;notethatthelevelofretentionisatthediscretionoftheBoard.

SensitivityofsalvageincomeThegraphsbelowshowtheforecastincomeandestimateddividendsbasedon:SensitivityOne: 60%salvagerecoverySensitivityTwo: 30%salvagerecovery

SensitivityofcargosharepaidtoHMG

Thegraphsbelowshowtheestimateddividendsbasedon: SensitivityThree: 60%salvagerecoveryand30%shareofthecargopaidtoHMGSensitivityTwo: 30%salvagerecoveryand30%shareofthecargopaidtoHMG

16. Dividendpolicy

Ineachyearaftersuccessfulrecoveries,BGLintendstomakedividenddistributionstotheshareholders.Dividendswillbeawardedonaquarterlybasis,afterretentionofprofitsperannumandsubjecttothediscretionoftheBoard.ItiscurrentlyanticipatedthattheretentionofprofitsinYearOnewillbeupto£15mtofundthenextcluster;howevertheretentionswillbesubjecttothenumberofsalvageoperationsthatareexpectedtobeundertakeninthefollowingyear.Anillustrationofthedistribution,basedon60%recoveryandretentionof£15mofprofitsinyearsOnetoThree,isshownbelow:

TheSeedInvestorspreferenceshareswillhaverightstouptothefirst£750kofdividenddistribution,afterwhichtheywillconverttoordinaryshares.

Year1 Year2 Year3£000s £000s £000s

Retention 15,000 15,000 15,000

Dividenddistribution:Preferenceshares 750 - -Ordinaryshares 183,289 203,371 604,008

184,039 203,371 604,008

TheCurrentBGLShareholderswillhaveshareswhichareunderoption,subjecttofinancialperformancehurdles.Thehurdleswillbebasedontheprofitaftertaxaftertheretentionofreservesandthepreferencesharedistribution,asshownbelow:

Thedistributionofdividendstoordinaryshareholderswillbeparipassutothenumberofordinarysharesheld.

17. MaterialcommitmentsandcontingentliabilitiesBGLhasacommitmenttopaytheresearchteams(viaIDM)aroyaltyof£250kperquarterinadvanceduringthetermofthelicenceagreement.Thefirstpaymentwillbeinthefirstmonthfollowingfromthecompanyclosingthefundraisingaftersubscriptionshavebeenconfirmed.ThereiscurrentlynoformalagreementwithHMGinrelationtoitsshareofanyrecovery.However,BGL/IDMintendstopursueaformalagreementanddoesbelieveonewillbeforthcomingfollowingasuccessfulrecovery.BGLwillseekagreementinlinewithprevioussalvagedvaluablecargoagreementswhereHMGoroneofitsentitieswillbeentitledto20%ofthecargovalue.Intheunlikelyeventthatagreementisnotreachedintimelyfashion,BGLwillhaverecoursetotheSalvageConventionwhereasanabsolutebareminimumBGLwouldbeentitledtorecoverallproperlyattributablesurveyandsalvagecosts

Financialperformancehurdles(Profitaftertaxafterreservesretainedanddistributiontopreferenceshareholders)

1st£15m 2nd£15m Greaterthan£30mFoundersordinarysharedistribution 0.65% 30.00% 49.17%Seedordinarysharedistribution 1.63% 1.14% 0.83%EIS/Non-EISordinarysharedistribution 97.72% 68.86% 50.00%

100.00% 100.00% 100.00%

D.BUSINESSANDINVESTMENTRISKS

InvestingintheCompanyinvolvesadegreeofrisk.YoushouldcarefullyconsiderthespecificriskssetoutbelowandtheotherinformationcontainedinthisPPMbeforeyoudecidetoinvestinthesharesoftheCompany.YoushouldnotethattherisksdescribedbelowarenottheonlyrisksfacedbytheCompanynoraretheylistedinanyorderofpriorityandtheremaybeadditionalrisksthatthedirectorscurrentlyconsidernottobematerialorofwhichtheyarenotpresentlyaware.

Ifanyofthefollowingrisksactuallyoccur,theCompany’sbusiness,financialcondition,capitalresources,resultsorfutureoperationscouldbemateriallyadverselyaffected.Insuchacase,thepriceofthesharescoulddeclineandinvestorsmayloseallorpartoftheirinvestment.

AdditionalrisksanduncertaintiesnotcurrentlyknowntotheboardofdirectorsmayalsohaveanadverseeffectontheCompany’sbusinessandtheinformationsetoutbelowdoesnotpurporttobeanexhaustivesummaryoftherisksaffectingtheCompany.

AninvestmentinthesharesdescribedinthisPrivatePlacementMemorandumisspeculative.Potentialinvestorsareaccordinglyadvisedtoconsultapersonauthorisedforthepurposesofsuchwhospecializesinadvisingoninvestmentsofthiskindbeforemakinganyinvestmentdecisions.AprospectiveinvestorshouldconsidercarefullywhetheraninvestmentintheCompanyissuitableinthelightofhisorherpersonalcircumstancesandthefinancialresourcesavailabletohimorher.

18. Risksrelatingtothesalvageoperation

TheamountoftheCargoontheVesselsmaynotbeassubstantialastheresearchbyIDMmayindicate.Asfurtherdescribedbelow,ifnoCargoislocatedand/orrecoveredthentherewillbenofinancialbenefittotheCompany.TheamountofCargoontheVesselsmaynotbeassubstantialastheresearchbyIDMmayindicate.TheCargo(orapartofit)mayhavebeendisplacedfromtheVesselseitherbynaturalcausesorbytheoperationofunknownhumanactivity.ItmaynotbepossibletorecovertheCargofromtheVesselsduetotechnicalorotheroperationaldifficulties.ItispossiblethatnoCargowouldeverberecoveredornotinsufficientquantitiestomaketheCompanyprofitable.ACharteredinShip(oranyoftheequipmentonboard)maynotoperateinthemannercontractedforormaybecomedefectiveandsopreventrecoveryofCargo.

ACharteredinShip(oranyoftheequipmentonboard)maynotoperateinthemannercontractedforormaybecomedefectiveandsopreventrecoveryofCargo.AnysuchmattermayadverselyimpacttheCompany’sresultsandoperations.

TheresearchundertakenbytheResearchersmaybeinaccurateand/ortheResearchersand/orIDMmaynotlegallyowntheInformation.

ThesuccessoftheCompanydepends,toalargeextent,ontheaccuracyoftheresearchundertakenbytheResearchers.TheCompanyreliesheavilyonthetechnicalresearchundertaken(andtobeundertaken)bytheResearchersandtheInformationprovided(andtobeprovided)toit.ThisiscriticaltothesuccessofthisinvestmentandanyinaccuracyoftheresearchandtheInformationprovidedcouldmateriallyimpactthevalueofanyinvestmentintheCompany.TheCompanyisalsoreliantonIDMperformingitsobligationsundertheSub-LicenceandtheServicesAgreement.

Further,theCompanyisrelyingontherepresentationsbyIDMand/ortheResearchersthattheyarethe owner(s) and/or developer of the Information provided pursuant to the Sub-License (to theextentthatsuchinformationcanbeownedbysuchparties).IfResearchers’rightstotheintellectualpropertywerechallengedbyathirdpartythenthismayhaveanadverseeffectontheoperationsoftheCompany

19. RisksrelatingtothesalvagerewardNorewardcanbeearnedifnopropertyhasbeensalved.Afundamentalprincipleofsalvageisthatasalvorshouldberewardedforsuccessbyreferencetothevalueofthepropertysalved,acorollaryofwhichisthatnorewardcanbeearnedifnopropertyhasbeensalved.Thisisknownasthe"nocure,nopay"principle.Therefore,anysalvageoperationisattheCompany’sriskandwithoutanyrecoveryofCargotheremaybenosalvageremuneration.Theamountofanysalvagerewardisuncertain.EvenwhereCargoissalved,theamountofanysalvagerewardisuncertain.Thismaybeaquestionofapplicablelaw,whichwilldependuponthelocationoftheCargoandtheplacetowhichitisbroughtorwhereaclaimagainstitisasserted.Usually,butnotnecessarily,therewardisfixedbyreferencetothecriteriacontainedwithintheSalvageConvention,whichappliesinmost,butnotall,relevantjurisdictions.Thecriteriaforfixingarewardincludesbutisnotlimitedtothevalueofthesalvedproperty,theskillandeffortused,themeasureofsuccess,thedangers,thetimeusedandexpensesincurred,theriskofliabilityandtheavailabilityanduseofthird-partyequipment.EvenwheretheSalvageConvention,applies,theremaybedisputesinrelationtotheweightattachedtocertaincriteria.Forexample,thevalueoftheCargomaybedisputed,whichmayhaveadirecteffectonthevalueofanysalvagereward.Furthermore,inprinciple,thetotalrewardcannotexceedthevalueofthepropertysalved,whichhastheeffectofensuringthatatleastsomebenefitaccruestotheownerofthesalvedproperty,withtheresultthatalossmayariseiftherecoverycostsexceedthevalueoftheproperty.However,assumingthatsufficientvalueissalvedthenreasonableoutofpocketexpensesoughttoberecovered,asanabsoluteminimum.Thesalvageoperationisaninherentlyriskyundertaking.

Evenwherethereisameasureofsuccess,asalvageoperationwouldnotbewithoutrisk.TheSalvageConventionplacesanobligationuponsalvorstocarryouttheoperationwithduecare,aswellastopreventorminimisedamagetotheenvironment(forexample,pollution).TheCompanymaysufferlossandmaybeexposedtoclaimsinrespectofanyfailuretocomplywiththeseduties,whichmayalsocountagainstitbyreferencetothecriteria.Althoughactualorimmediatedistressisnotrequired,theCompanywillneedtodemonstratethattheCargocouldbeexposedtorisksofdamage/destructionifthesalvageservicesarenotrendered.Inthiscase,thiswillhavetobelongtermevidencebutitdoesentailsomerisk.SuccessfullysalvingtheCargoisthereforeonlypartoftheprocessofsecuringareward.Establishingthemostappropriatejurisdictioninwhichtoassertaclaimagainstthepropertywillcomenext.Thismayrequirelocallawadvice,includingadviceconnectedwiththeexerciseofalienoverthesalvedproperty.HMGoranotherrelevantstatemightbeabletoprohibitanysalvageoperation.Otherdifficultiesmaystillbeencountered.Forexample,theSalvageConventionimposesadutyupontheownersofproperty(includingHMG/ortherelevantstate)whichisthesubjectofsalvagetoco-operate.However,HMG/therelevantstatemightalsohavetheright(actingreasonably)toprohibitsalvageoperations.Accordingly,althoughexpresspermissionmaynotbeneeded,HMG/therelevantstatemay(aslongasitactsreasonably)prohibitanysalvageoperation,andifitdoes,therevenueoftheCompanymaybemateriallyaffected.Intheabsenceofprohibition,HMG/therelevantstatemightnotagreereasonablesalvageremuneration(oratall)andtheCompanymayhavetoresorttolitigationand/orarbitrationtoenforceitsrights.Tomitigaterisksandwhenitwouldappearlikelythatthesalvageoperationswillcommence,theCompanywillnotifyHMG/thestateofsuchoperationsandopennegotiationstoagreeapercentageofvaluerewardforthepotentialCargoes.However,withoutanagreementtheCompanymaybesubjecttotherisksidentifiedabove,orothers.Specialimmunitiesincludingsovereignimmunitymayexistinrelationtostateownedproperty.Significantdisputesmayarisesuchas,butnotlimitedto,inrelationtojurisdiction,giventhatthesalvageoperationmayinvolvemorethanonestateinterest,andinrelationtotitletothesalvedproperty,conceivablyresultingincompetingclaimsagainsttheproperty,particularlyifissuesofmixedownershiparise.ThereisariskofsubrogatedclaimsarisingforwhichtheCompanywouldneedtomaintainaretentionfundand/orattempttoidentifyandvalidateanyinsuranceclaims.ResearchindicatesthattheCargoswerecoveredunderBritishGovernmentWRI,andarethereforelegallyownedbyHMG.However,incertaincases,suchasthegeneralpracticeduringWW1ofWRIcoveringonly70%ofthecargovalue,therecouldbesubrogatedclaimsforwhichtheCompanywillmaintainaretentionfundand/orattempttoidentifyandvalidateanyinsuranceclaimsthatcouldbebroughtagainsttheCompany.AnysuchclaimmayreducetherevenueoftheCompany.

TheCompanydoesnotbelievethereareanyotherpossibleownersoftheCargobuttheremaybe–forexampleanothergovernment,insurancecompany,corporationorprivateindividual.TheexistenceofanyotherownermayreducetherevenueoftheCompany.

20. RisksrelatingtothemanagementoftheCompany

TheCompanyisdependentonitsmanagementandemployees.

TheCompany'ssuccesswilldependonthemanagement,skillandacumenofitsDirectorsandemployees.IfsomeofthepersonnelemployedbytheCompanyshouldleave,becomeincompetent,dieorotherwiseceasetoparticipateintheCompany'smanagement,theCompany'sabilitytoperformcouldbeimpaired.

TheCompanyhasalimitedoperatinghistory.

TheCompanyisarecentlyformedentityandhasnooperatinghistoryatthedateofthisPrivatePlacementMemorandumuponwhichprospectiveinvestorsmayevaluatetheCompany'sfutureperformance.

TheCompany’sdistributionsmaybereducedduetopaymentobligationsandtheneedtoestablishappropriatereserves.

CashthatmightotherwisebeavailablefordistributionwillbereducedbypaymentoftheCompany'sobligations,paymentoftheCompany'sexpensesandestablishmentofappropriatereserves.

ShareholderswillhavenoparticipationinthemanagementoftheCompany.

TheoverallmanagementoftheCompany'soperationsisvestedsolelyintheDirectors.ShareholdershavenorighttotakepartintheconductofthebusinessoftheCompany.Shareholdersholdingmorethan5%ofthesharesintheCompanyshallbeobligedtoenterintoashareholdersagreementandsuchagreementshallregulatetherelationshipbetweentheshareholdersandcertaincorporategovernanceissuesoftheCompany.InconnectionwiththemanagementoftheCompany'sbusiness,theDirectorswilldevoteonlysuchtimetoCompanymattersasthey,intheirsolediscretion,seemappropriate.

Involvement with previous projects

ItisnotedthateachofWillCarrier,IDM(anditsdirectors)andtheResearchershavebeeninvolvedinprevioussimilarsalvageprojects.ThemainprojectwasthroughacompanycalledDMSUKLimited(websitehttp://www.deepmarinesalvage.com).Thiscompanyhasnot(todate)hadsuccessinanysalvageprojectanditisnotedthatnoneofWillCarrier,IDM(oritsdirectors)ortheResearchersretainanyconnectionwithDMSUKLimited(whetherasashareholderorasadirectorofsuchcompany)and,further,thatDMShasnoownershipinterestorcontrolovertheInformation.

21. Risksrelatingtotheshippingindustry

TheglobalsupplyanddemandforvesselscouldhaveamaterialadverseeffectontheCompany'sabilitytochartervessels.

TheCompanyhastocharterinspecialistvesselsorvesselsforthepurposeoftheintendedsalvageoperationpursuanttoaformofTimeCharter.

ThefactorsaffectingthesupplyanddemandforvesselsareunpredictableandoutsideoftheCompany'scontrol.Thenature,timing,directionanddegreeofchangesinindustryconditionsarealsounpredictable.

Factorsthatinfluencedemandforvesselcapacityinclude(a)global,regional,politicalandeconomicconditions,(b)thedistancetobetravelledbysea,(c)VesselOperatingCostsand(d)changesinseaborneandothertransportationpatterns.

Factorsthatinfluencethesupplyofvesselcapacityinclude(a)thenumberofnewbuildingdeliveries,(b)thescrappingrateofoldervessels,(c)thenumberofvesselsthatareoutofserviceand(d)port/dischargeproductivity.

AneconomicslowdowninanyglobalregioncouldhaveamaterialadverseeffectontheCompany'sbusiness,financialpositionandresultsofoperations.

AnegativechangeineconomicconditionsinanyglobalregionmayhaveanadverseeffectontheCompany'sbusiness,financialpositionandresultsofoperations,aswellasitsfutureprospects.

Undertheusualchartercontractofemployment,achartererisresponsibleforthepaymentoffueloilandbunkers.Inparticular,thetransportationcostsoftheCharteredinShipsaresubjecttothefluctuationand/orincreaseinthecostoffueloilandbunkers.

TheshippingindustryhasinherentoperationalrisksthatcouldnegativelyimpacttheCompany'sresultsandoperations.

VesselscharteredbytheCompanyandanysalvedCargoareatriskofbeingdamagedorlostbecauseofeventssuchasmarinedisasters,badweather,mechanicalfailures,humanerror,war,terrorism,piracyandothercircumstancesorevents.WhiletheCargowillbeadequatelyinsuredthroughamarineriskinsurancepolicywithafirstclassmaritimeinsuranceprovider,anexposuredoesexistregardlessofthequalityoftheinsurancepolicyinplace.

Allthesehazardscanresultindeathorinjurytopersons,lossofrevenuesorproperty,environmentaldamage,higherinsurancerates,delayorrerouting.IfaCharteredinShipweretobeinvolvedinanaccidentwiththepotentialriskofenvironmentalcontamination,thiscouldhaveamaterialadverseeffectontheCompany'sbusiness,resultsofoperations,cashflowsandfinancialcondition.

FurtheraCharteredinShip(oranyoftheequipmentonboard)maynotoperateinthemannercontractedforormaybecomedefective.AnysuchmattermayadverselyimpacttheCompany’sresultsandoperations.

GovernmentscouldrequisitiontheCompany'svesselsduringaperiodofwaroremergency,resultinginalossofearnings.

AgovernmentcouldrequisitiononeormoreoftheCharteredinShipsfortitleorforhire.Requisitionfortitleoccurswhenthegovernmentoftheship’sflag(orregistry)takescontrolofthevesselandbecomesherowner,whilstrequisitionforhireoccurswhenagovernmenttakescontrolofavesselandeffectivelybecomesherchartereratdictatedCharterRates.Generally,requisitionsoccurduringperiodsofwaroremergency,althoughgovernmentsmayelecttorequisitionvesselsinothercircumstances.GovernmentrequisitionofsuchvesselsmaynegativelyimpacttheCompany'srevenues.

TheCompanymaynotbefullyprotectedfromcertainliabilitiesunderitsinsurancecoverageorindemnitiescoverageliabilities,andinsurancepremiumsmayincreaseintheeventofwarorterroristattacks.

Theoperationofocean-goingvessels,theuseoftheequipmentnecessarytoloadandpreparethosevesselsfortransitandthemaintenanceofsuchvesselsinvolveinherentrisks,includingthoseofcatastrophicloss,environmentalincidentsincludingoilpollution,personalinjuryandlossoflife,maritimedisaster,mechanicalfailure,fire,collision,strandingandlossof,ordamageto,Cargoaswellasdamagetoorlossofvessels.Inadditiontolossescausedbyhumanerrorsandaccidents,theCompanymayalsobesubjecttolossesresultingfromfactorsoutsideitscontrolsuchaswar,terrorism,piracy,politicalinstability,businessinterruption,strikesorotherlabourproblemswithstaffservingonvesselsandatports,someofwhomareunionizedorcoveredbycollectivebargainingagreements,andadverseweatherevents.AnyoftheseeventscouldresultintheCompanyexperiencingdirectlossesandliabilities,lossofincome,increasedcostsandreputationaldamageorlitigationagainstorbythirdparties.TherecanbenocertaintythattheinsurancepoliciesofeitheranOwnerortheCompanywouldbesufficienttocoverthecostofdamagessufferedfromanyoftheseeventsorthatsuchinsuranceswouldberenewableoncommerciallyreasonableterms.Additionally,insurersmayrefusetopayparticularclaimsifthereisafailuretotakecertainactions,suchasmaintainingclassificationandcertificationofthevesselswithinapplicableregulations.

Theaboverisks(otherthaninrelationtotheCargowhichtheCompanywillinsure)willfallprincipallyontheOwner(s)andbecoveredbytheOwner’sHullandMachineryorP&IInsurancebuttheCompanymaysufferlossordamageasaconsequenceasidentified.

TheCompanycouldfacesubstantialliabilityifanOwnerortheCompanyfailstocomplywithexistingoperationalregulationsanditmaybeadverselyaffectedbychangesinthoseregulations.

Allvesselsaresubjecttoawidevarietyofinternational,nationalandlocallaws,regulationsandagreements(includingSOLAS)relatingtoshippingoperations.Suchlaws,regulationsandagreementsmaychangemateriallysometimeswithlimited,notice.Inparticular,additionalrequirementstoobtainpermitsorauthorisationsmaycomeintoforcewhichcouldimposesignificantnewburdensuponthebusinessoftheCompany,requiringittochangeitsbusinessstrategysignificantlyandimpactitscoststructure.TheCompanycouldfacesubstantialliabilityfor

penalties,finesanddamagesandlitigationifitfailstocomplywithsuchlaws,regulationsandagreements.

EachOwnermayincursubstantialcostsinordertocomplywithexistingandfutureenvironmental,health,securityandsafetyandotherregulatoryrequirements,(including,amongothers,obligationsrelatingtospillsanddischargesofoilorotherhazardoussubstances,requirementsofclassificationsocietiesorvesselflagstates,ballastwatermanagement,transportationofdangerousgoods,maintenanceandinspection,developmentandimplementationofemergencyproceduresandsecurityandinsurancecoverage)anditislikelythatthesecostswouldbepassedontotheCompanythroughanincreasedrateofCharterhire.

TheCompanycouldalsofaceliabilityunderenvironmentallawsandregulationsforpenalties,fines,damagesandremediationcostsassociatedwithoilandotherhazardoussubstancespillsorotherdischargesinvolvingourshippingoperations.Changesinenforcementspoliciesforexistingrequirementsandadditionallawsandregulationsadoptedinthefuturecouldlimitourabilitytodobusinessorfurtherincreaseouroperatingcosts.Finally,eveniftheCompanycomplieswithrelevanthealth,safetyandsecurityofitsemployeesandothers,itcouldincursubstantialliabilityintheeventofaccidents,environmentalcontamination,exposuretohazardoussubstancesandothereventsresultingintheirinjuryordeath,evenifsuchaneventisnotaresultofanyfaultonitspart.

ShouldanyoftheaboveeventsoccurthismayleadtoarestrictionintheavailabilityofanyCharteredinShip.

Anyoftheforegoingfactorsoreventscouldhaveamaterialadverseeffectonourbusiness,financialconditionandresultsofoperations.

Creditorscouldarrestvessels,leadingtoanegativeeffectonouroperationsaswellasourcashflows.

Crewmembers,suppliersofgoodsandservicestoavessel,shippersofcargo,vesselfinancingparticipantsandotherpartiesmaybeentitledtoamaritimelienagainstanyCharteredinShipforunsatisfieddebts,claimsordamages.Inmanyjurisdictions,amaritimelienholdermayenforceitslienbyarrestingavesselthroughforeclosureproceedings.Insomejurisdictions,thesistervesselofthevesselforwhichserviceshavebeenprovidedmayalsobearrested.ThearrestorattachmentofoneormoreofourCharteredinShipscouldinterruptand/ordelayourbusiness,whichcouldhaveanegativeeffectontheoperationsandcashflowsoftheCompany.

TheCompanyreliesonthird-partycontractorstoprovidevariousservicesandanyproblemswithsuchthird-partycontractorscouldhaveamaterialadverseeffectonitsbusiness,financialconditionandresultsofoperations.

TheCompanyhasandwillengagethird-partycontractorstoprovidevariousservicesinconnectionwithitsbusinessincludingtheCharteredinShipsandtheInformationprovidedbyIDMand/ortheResearchersandreferredtoabove.Therecanbenoguaranteethattheservicesrenderedbysuchthird-partycontractorswillbesatisfactoryandmatchtherequiredqualitylevels.

Furthermore,thereisariskthatsuchcontractorsmayexperiencefinancialorotherdifficultiesthatmightaffecttheirabilitytocarryouttheircontractualobligations,thusdelayingorpreventingthecompletionofprojectsortherenderingofservices.Suchproblemswiththird-partycontractorscouldhaveamaterialadverseeffectonourbusiness,financialconditionandresultsofoperations.

ThereisalsoariskoftheCompanybecomingsubjecttolegalproceedingswiththirdpartycontractorsduetotheir(ortheCompany’s)failuretocomplywithagreedcontractualobligations.SuchlegalproceedingsmaycauseincreasedcostsandmayaffecttherevenueoftheCompany’sbusiness.

TheCompanymayalsoberesponsibleforliquidateddamagesifitdoesnotcomplywithcertainprovisionsofsomeofitscontracts,whicharenotcoveredbyrelevantinsurancepolicies.

DefaultsundertheTimeChartersmayadverselyaffecttheCompany'sresults,operationsandcashflow.

ItisanticipatedthateachTimeChartergivestheOwnertherighttoterminatethecharterontheoccurrenceofstatedeventsortheexistenceofspecifiedconditions,suchas,amongstotherthings,atotallossorconstructivetotallossoftheCharteredinShiporitsrequisitionforhire,orthefailureoftheCompanytoperformitscontractualobligations.Inaddition,theabilityofeachOwnertoperformitsobligationsunderaTimeCharterwilldependonanumberoffactorsthatarebeyondtheCompany'scontrol.Thesefactorsmayincludegeneraleconomicconditions,theCharterRatesfortheCharteredinShipsandvariousoperatingexpenses.ThecostsanddelaysassociatedwiththedefaultoftheCompanyandoranOwnerofaCharteredinShipmaybeconsiderableandmayadverselyaffectbusiness,resultsofoperations,cashflowandtheCompany'sfinancialcondition.

E.APPENDICES

AppendixOne:Researchsourcesandoutcomes

Archivesusedtogatherevidence:

• NationalArchives(Kew,London)

• DepartmentforTransportWarRiskInsuranceOffice(“WRIO”)(London)

• BankofEngland(London)

• MidlandBank(nowHSBC,London)

• LondonMetropolitanArchives(London)

• AdmiraltyLibrary(Portsmouth)

• NationalAutomatedArchivalInformationRetrievalSystem(“NAAIRS”)(SouthAfrica)

• MerseyMaritimeArchives(Liverpool)

• BarclaysBank(London)

• NatWestBank(London)

• Liverpool,Glasgow&EdinburghUniversityArchives

• NationalArchives(WashingtonDC,Virginia,NYC,Toronto,Montreal)

Outcomesofresearch:

1. Digitizationof 30 volume setofWW1WRIO claims settlement ledgers. Thedatabaseofthese ledgers is now in the National Archive in Kew, with full credit given to theResearchersforthedatabasecreation.

2. Digitizationof12volumesetofWW2WRIOclaimssettlementledgers.

3. Digitization of the entire WRIO claims data cards, reference cards, files containingmanifests, bills of lading, cargo details, assay reports, claims payment receipts, etc., ofover4,500shipwrecksheldbytheDepartmentforTransport.

4. DigitizationofalloftheBoEdocumentspertainingtoallgoldshipmentsforbothwars.

5. Two ‘extremely sensitive’ reports with the history of HMT gold shipments and lossesduringWW2.

6. Digitization of the Midland Bank WW1 gold ledgers and other pertinent documentscovering the shipment of both Set-Aside Gold (belonging to other governments) andMarketGold.

7. DigitizationofthePrice,Forbes&Co.correspondencepertainingtotheinsuranceofBoEgoldshipments(forthemostpartHMTgold).

8. Databaseofgoldcarriershippinglines,withdetailsoflosses,etc.

9. Digitization of all of the UK Hydrographic Office Shipwreck Database showing knownlocations of all shipwrecks,with an interactive section pertaining to all admiralty chartsshowingshipwrecks.

10. Digitization of J.P. Morgan ledgers and correspondence pertaining to WW1 goldshipments.

11. Officialdatabaseofover100,000NorthAmericanshipwrecksfromthe1500stothe1990s.

12. Digitalization of the London Metropolitan Archive Collection of the various insurancecompanies’ ledgers and other pertinent documents concerning gold shipments for bothWorldWarsandalargeanaloguecollectionofdocumentspertainingtobothwars.

13. Digitization of the Morgan, Grenfell & Co. Account Ledgers covering WW1 (these areownedbytheDeutscheBankwhowastheUKagentbetweenHMTandJ.P.Morgan,whowastheUKAgentforallHMTgoldshipments).

14. Digitization of the two-volume set of the War Risk Advisory Committee - Records ofMeetings - 1914-1919. These volumes contain information on the gold and silvershipmentsofWW1andtheirlosses.

15. Official database of all of the UK fisherman's snags for the entire UK coast. This wascompiledovera35-yearperiodbytheUKFishingFleets.

16. Full cataloguesof the archives forBarclaysBank,NatWestBank, LloydsBanketc. Thesewerepartof the JointStockBanks,duringWW1andall shippedoutbothSet-AsideandMarketGold.

17. OfficialInteractiveCatalogueoftheSouthAfricanArchive,NAAIRS.

18. DigitizedsetofWW2USDepartmentoftheInterior-MineralsYearbooksfor1939–1945.

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