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#KDNC Cadence Minerals PLC – Issue of Options
Cadence Minerals (AIM: KDNC) announces the award of 14,720,000 share options (“Share Options”). Each Share Option is exercisable over one ordinary share in the capital of the Company (“the “Ordinary Shares”). The Share Options are exercisable at a price of 2 pence per share being approximately 10% premium to the closing mid-price of the Ordinary Shares on 16 January 2025 of 1.85 pence. These options will vest immediately and will expire on 31 December 2030.
The total options granted over Ordinary Shares to Persons Discharging Managerial Responsibilities within the Company (each being a “PDMR”) are detailed below:
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Director, PDMR |
Position |
Options |
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Andrew Suckling |
Non-Executive Chairman |
3,680,000 |
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Kiran Morzaria |
Chief Executive Officer |
3,680,000 |
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Donald Strang |
Finance Director |
3,680,000 |
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Adrian Fairbourn |
Non-Executive Director |
3,680,000 |
The Share Options represent in aggregate 4.97% of the existing issued share capital. There are currently 7,200,000 other options outstanding.
The Directors of the Company accept responsibility for the contents of this announcement.
– Ends –
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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For further information: |
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Cadence Minerals plc |
+44 (0) 20 3582 6636 |
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Andrew Suckling |
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Kiran Morzaria |
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Zeus Capital Limited (NOMAD & Broker) |
+44 (0) 20 3829 5000 |
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James Joyce |
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Darshan Patel |
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Fortified Securities – Joint Broker |
+44 (0) 20 3411 7773 |
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Guy Wheatley |
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Brand Communications |
+44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green |
#GRX GreenX Metals Ltd – Update on Arbitration Award against Poland
GreenX Metals Limited (GreenX, Claimant or Company) provides the following update on the international arbitration claims (Claim) against the Republic of Poland (Poland or Respondent) under both the Australia-Poland Bilateral Investment Treaty (BIT) and the Energy Charter Treaty (ECT) (together the Treaties).
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On 7 October 2024, GreenX was awarded £252 million (A$495 million/PLN 1.3 billion) in compensation and interest after the Tribunal unanimously held that Poland breached its obligations under the Treaties |
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Poland has now lodged a request to set-aside the BIT award, seeking to have it set-aside on the basis of jurisdictional aspects of the award and procedural unfairness |
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GreenX notes that the Polish Prime Minister, Mr Donald Tusk, recently stated at a press conference that: |
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“The case is rather hopeless, because a lost arbitration is a lost arbitration. We have two big cases on our shoulders. The PiS government blew this issue. |
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The Australians, as you know, were promised that their mine would be built there. For years they were misled and later the commitment was withdrawn. It was quite obvious that they would go to arbitration, and it was rather obvious that they would win this arbitration. |
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Speaking frankly, I would most likely, and I cannot exclude that it will go this way, to find the person directly responsible for Poland now having to pay well over a billion zloty if we do not find a legal solution – which I think has very little probability to set aside the award in this arbitration. So, speaking the truth, I will expect my officers to inform the public in the coming days who made a decision or refrained from making a decision with the consequence of these gigantic losses, that is the compensation that we as the Polish State must pay to the Australians.” 1 |
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The threshold to succeed on a set-aside motion is very high with vast majority of cases being rejected and interest continuing to accrue at approximately 6% per annum (at today’s rates) whilst the set-aside motion is heard |
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GreenX is well funded to defend the annulment with over A$5.5 million in cash reserves |
The Announcement Contains Inside Information
GreenX advises that Poland has lodged a request to set-aside the award with the courts of England and Wales in relation to the BIT claim. Poland is challenging jurisdictional aspects of the award and alleging procedural unfairness, including in the Tribunal’s decision on damages.
The award can only be set aside under very limited circumstances which relate to a lack of jurisdiction on the part of the Tribunal or serious irregularities (such as procedural unfairness). These proceedings do not allow the courts to re-examine the Tribunal’s decision on the merits of the case.
The threshold to succeed on a set aside motion in the English domestic court is very high, with the courts rejecting set-aside applications in the vast majority of cases.
Commenting on Poland’s request to have the BIT award set aside, GreenX Chief Executive Officer, Mr Ben Stoikovich said “Whilst Poland’s actions of lodging a request for a set-aside of the award are not surprising, we note the recent comments made by the new Polish Prime Minister, Mr Tusk, and welcome the opportunity to settle this dispute which will allow both parties to put this unfortunate episode behind us. The Board of GreenX remains committed to obtaining payment of the award and returning capital to shareholders.”
The Claim was brought under the United Nations Commission on International Trade Law Rules (UNCITRAL) and the award is final and binding on the parties. The UNCITRAL Rules do not provide for an appeal procedure i.e., they grant no explicit authority to a panel to reconsider its award. However, either party may ask the Tribunal to correct any computational, clerical or typographical errors in the award, issue an interpretation of the award or render an additional award on any claims omitted from the final award. These procedures do not allow either party to request that the Tribunal reconsider the merits of its decision. As part of its filings, Poland is seeking a correction in the computation of damages for the awards.
The Company expects that Poland will also apply to set-aside the award in relation to the ECT claim in due course and it will continue to update the market, if required, in line with its continuous disclosure requirements.
ENQUIRIES
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Ben Stoikovich Chief Executive Officer +44 207 478 3900
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FURTHER DETAILS of THE SUCCESSFUL ARBITRATION AWARDs
In October 2024, GreenX reported a successful outcome of the Claim against Poland under both the BIT and the ECT with the Company being awarded:
· approximately £252m (A$495m / PLN1.3bn) in compensation by the Tribunal under the BIT (BIT Award) which includes interest compounded at SONIA plus one percentage point (+1%) compounded annually from 31 December 2019 to the date of the award (7 October 2024). Interest will continue to accrue at SONIA +1% compounded annually until full and final payment by the Respondent.
· approximately £183m (A$360m / PLN 950m) in compensation by the Tribunal under the ECT (ECT Award), which includes interest compounded at the SONIA overnight rate +1% compounded annually from 31 December 2019. Interest will continue to accrue at SONIA +1% compounded annually until full and final payment by the Respondent.
· Interest continues to accrue at approximately 6% per annum based on today’s rates (Sterling Over-Night Interest rate (SONIA) plus 1%) until full and final satisfaction of the award by Poland.
· Interest of approximately £1m (A$2m / PLN5.2m) has accrued since the award was made.
· Both Awards are subject to any payments made by the Respondent to the Claimant in the other arbitration such that the Claimant is not entitled to double compensation i.e., any amount paid by Poland in one arbitration (i.e., ECT) is set off against Poland’s liability in the other arbitration (i.e., BIT).
The compensation is denominated in British pound sterling. No hedging is in place for the compensation and accordingly is subject to fluctuations in foreign currency.
Each party was ordered to cover its own legal fees, expenses and arbitration costs in relation to the Claim, which in respect of GreenX are costs that have already been fully paid under the Litigation Funding Agreement (LFA) with specialist arbitration funder LCM Funding UK Limited (a subsidiary of Litigation Capital Management Ltd) (LCM).
The Tribunal unanimously held that Poland had breached its obligations under the Treaties in relation to the Jan Karski project, entitling GreenX to compensation. In respect of the Dębieńsko project, the Tribunal did not uphold the Claim under the Treaties.
All of GreenX’s costs associated with the arbitration were funded on a limited basis from LCM. To date, GreenX has drawn down US$11.2 million (A$16.2 million at 30 September 2024) (Outstanding Funding) from the LFA.
In accordance with the terms of the LFA, once the compensation is received, LCM is entitled to be paid the Outstanding Funding, a multiple of five times the Outstanding Funding (based on the period since entering into the LFA) and from 1 January 2025, interest on the Outstanding Funding at a rate of 30% per annum, compounding monthly.
Net of the payments to LCM, GreenX will pay 6% of the balance to key management directly involved in the case (as previously approved by shareholders on 20 January 2021) and 3% to key legal advisers who assisted with the case on a reduced and fixed fee.
Upon satisfaction of the award, it is GreenX’s intention to return the majority of the available cash to shareholders in a timely fashion, after payment of the above costs of the arbitration and applicable taxes (if any).
Forward Looking Statements
This release may include forward-looking statements. These forward-looking statements are based on GreenX’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
#BRES Blencowe Resources PLC – Results of Retail Offer
The Board of Blencowe Resources plc (the “Company”) announces that the Retail Offer launched on 6 November 2024 has now closed and has raised £117,875.60 through the issuance of 2,946,890 Retail Offer Shares at a price of 4 pence each.
Application will be made for the admission of 2,946,890 Retail Offer Shares to trading on the official list and the main market of the London Stock Exchange at 8.00 am on 12 November 2024. These new Ordinary Shares will rank pari passu with the Existing Ordinary Shares.
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that following Admission of the Retail Offer Shares, the Company’s enlarged issued ordinary share capital will comprise 254,365,360 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA’s Disclosure Guidance and Transparency Rules.
Unless otherwise defined, all capitalised terms used but not defined in this announcement shall have the meaning given to them in the announcement of the Fundraising made by the Company on 6 November 2024.
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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#AYM Anglesey Mining PLC – Fundraise to raise £220,000
Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased to announce that as follow up to the placing and subscription announced on 28 June 2024, the Company has raised £220,000 (before expenses) by way of a direct subscription of 22,000,000 ordinary shares at a price of 1pence per share (the “Subscription Shares”).
Fundraising Highlights
- Subscription to raise approximately £220,000 (before expenses).
- Issue Price of 1 pence per share
Reasons for the Fundraising
In line with the objectives outlined in the fundraising announced in June 2024, the Company has undertaken this Fundraise and its previous fundraise to progress its corporate and operational strategy and the net proceeds will therefore be applied towards:
- Developmental work at Parys Mountain
- Advancing development options at Grängesberg Iron Ore Mine
- Debt repayment; and
- General working capital purposes
The Company is advancing a number of initiatives with a view to supporting its cash position, however if these are not successful the Company will need to raise further funds towards the end of the calendar year to continue to progress its activities.
The Subscription is conditional only on Admission.
Admission
Application has been made to the London Stock Exchange for admission of the Subscription Shares to trading on AIM (“Admission”). It is expected that Admission will become effective and dealings in the Subscription Shares will commence at 8.00 a.m. on or around 30 September 2024.
The Subscription Shares will be issued fully paid and will rank pari passu in all respects with the Company’s existing Ordinary Shares.
Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 483,593,017 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company’s share capital pursuant to (i) the Company’s Articles, (ii) the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules and/or (iii) the AIM Rules for Companies issued by the London Stock Exchange plc as amended from time to time.
For further information, please contact:
Anglesey Mining plc
Rob Marsden, Chief Executive Officer Tel: +44 (0)7531 475111
Andrew King, Interim-Chairman Tel: +44 (0)7825 963700
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
Zeus Capital
Joint Corporate Broker
Harry Ansell/Katy Mitchell – Tel: +44 (0) 203 829 5000
#SVML Sovereign Metals LTD – Rio Tinto Shareholding and Issue of Shares
ISSUE OF SHARES
Sovereign Metals Limited (ASX: SVM, AIM: SVML, OTCQX: SVMLF) (Sovereign or the Company) advises that it has issued 2,326,880 fully paid ordinary shares (Shares) in the capital of the Company, comprising of 1,290,392 Shares issued to Rio Tinto Mining and Exploration Limited (Rio Tinto) and 1,036,488 Shares issued to SCP Resource Finance, as an advisory fee of 3% on the amount of Rio Tinto’s option investment in July 2024 (refer to Company announcement on 3 July 2024).
An application will be made for the Shares to be admitted to trading on AIM (Admission) and it is expected that Admission will become effective on or around 19 September 2024.
RIO TINTO INCREASES ITS SHAREHOLDING TO 19.9%
Following the exercise of its unlisted options on 3 July 2024, Rio Tinto has made an additional investment of A$690,360 in Sovereign through the issue of 1,290,392 Shares (Additional Shares) pursuant to Rio Tinto’s first right of refusal on equity issues. This is in accordance with the Investment Agreement between Rio Tinto and the Company dated 16 July 2023. Following the issue of Additional Shares today, Rio Tinto has increased its shareholding in Sovereign to 19.9%.
Total Voting Rights
For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs), following Admission of the Shares, Sovereign will have 599,879,879 Ordinary Shares in issue with voting rights attached. The figure of 599,879,879 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.
Following the issue of Shares, Sovereign has the following securities on issue:
· 599,879,879 fully paid ordinary shares;
· 9,460,000 unlisted performance rights subject to the “Definitive Feasibility Study Milestone” expiring on or before 31 October 2025;
· 3,600,000 unlisted performance rights subject to the “Grant of a Mining Licence Milestone” expiring on or before 31 March 2026; and
· 4,800,000 unlisted performance rights subject to the “Final Investment Decision Milestone” expiring on or before 30 June 2026.
Classification: 2.5 Total number of voting rights and capital
ENQUIRIES
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Dylan Browne +61(8) 9322 6322 |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Buchanan |
+ 44 20 7466 5000 |
#FCM First Class Metals PLC – Repayment of Loan and Share Placing
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) is a UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – northern Ontario land holding, is pleased to announce that it has completed the repayment of the shares loaned to the Company by James Knowles, a director of FCM.
Mr Knowles previously loaned the Company two tranches of shares totalling 5,912,059 ordinary shares of £0.001 par value (“Shares”), as announced on 17 July 2024, and consequently 5,912,059 new Shares (“Loan Shares”) have been issued to him today to settle this outstanding position.
Admission and Total Voting Rights
Applications will be made to the FCA and the LSE for admission (“Admission”) of the 5,912,059 Loan Shares, which is expected to be on or around 7 August 2024. These shares rank pari passu with the existing ordinary shares of the Company.
Following Admission, the Company has 97,653,420 Shares in issue, each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore 97,653,420. This figure of 97,653,420 may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.
Share Placing
The Company is also pleased to announce that it has completed a private placing of 9,500,000 Shares at a price of 2.7 pence per Share (the “Placing Price”), raising gross proceeds of £256,500 (the “Placing”). Axis Capital Markets, acted as the Company’s sole placing agent in respect of the Placing. The company are pleased to appoint Axis Capital Markets as its new broker following the completion of the fundraising.
The Placing Price represents a 16% discount to the mid-market closing price of the Company’s shares on 1 August 2024, the last trading date prior to the completion of the placing.
The proceeds from the Placing, are intended to be used to continue the Company’s activities across the portfolio aimed at enhancing value, including:
– Expansion and development of the company’s exploration activities on the Dead Otter Trend North, Hemlo.
– Work will include the expansion and potential addition of further stripping and channel sampling sites accelerating exploration further across the 3.7km long Dead Otter Trend.
– Exploration activities on FCM’s other core projects in Northern Ontario.
– For general working capital purposes.
James Knowles, Executive Chairman, Commented:
“In light of the recent announcements regarding the high priority status of the Dead Otter Trend, it was considered wise to take advantage of the crews and equipment already mobilised at the site to increase both the number and scope of stripping sites.
We believe that the Dead Otter project holds transformative potential for FCM’s future, and completing this capital raise promptly will allow significant additional work this summer, thus enhancing our understanding of the geology and the target’s true potential.
Marc Sale, our CEO, is currently onsite overseeing operations and will collaborate closely with the Emerald Geological Team to formulate an expanded operational plan.
I am also pleased to announce the appointment of Axis Capital Markets to be the Company’s new broker”
Director’s-Stock Lending Agreement(s)
The Company does not presently have sufficient headroom to enable the Shares subject to the Placing to be admitted to trading without the publication of an FCA approved prospectus. The Company is therefore proposing that following Admission, James Knowles, a director of the Company, loans 9,500,000 Shares to the Company by means of a share loan agreement (the “Share Lending Agreement”), to facilitate the Placing by the Company. This loan involves no consideration being paid or security granted to James Knowles or a chargeable fee.
The Placing is expected to be completed on or around 21 August 2024.
The Share Lending Agreements provide for the allotment of an aggregate of 9,500,000 new Shares in the Company to James Knowles by 30 December 2024 to replace the Shares loaned in terms of the Share Lending Agreement.
James Knowles has elected not to charge a fee for the loan of these shares.
Following the Share Lending Agreement, James Knowles will have a total of 9,500,000 Shares loaned to the Company.
Material Related Party Transaction
As James Knowles is a director of the Company, the Share Lending Agreement is a material related party transaction (“MRPT”) under the Disclosure Transparency & Guidance Rules.
Marc Sale, Marc Bamber and Andrew Williamson, being the independent directors for the purpose of this MRPT, have approved the MRPT as being fair and reasonable from the perspective of FCM and its shareholders.
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited (Financial Adviser)
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David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
Axis Capital Markets (Broker)
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Lewis Jones/ Ben Tadd |
Axcap247.com |
(0) 203 026 0449 |
#GRX GreenX Metals LTD – Issue of Shares on Conversion of Convertible Note
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) advises that it has issued 5,711,805 ordinary fully paid shares (Shares) upon the conversion of a convertible loan note that had a principal amount of A$2,627,430 (Convertible Note).
An application will be made for admission of the Shares to the standard listing segment of the Official List of the FCA (Official List) and to trading on the main market of the London Stock Exchange for listed securities (LSE Admission). LSE Admission is expected to take place on or before 31 May 2024.
For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs), following LSE Admission, the Company’s issued ordinary share capital will be 278,901,032 ordinary shares. The above figure of 278,901,032 may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company following LSE Admission
Following the issue of Shares, GreenX has the following securities on issue:
· 278,901,032 ordinary fully paid shares;
· 4,775,000 unlisted options exercisable at A$0.45 each on or before 30 November 2025;
· 5,525,000 unlisted options exercisable at A$0.55 each on or before 30 November 2026; and
· 11,000,000 performance rights that have an expiry date 8 October 2026;
Classification: 2.2 Inside Information
2.5 Total number of voting rights and capital
Enquiries:
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GreenX Metals Limited |
Tel: +61 8 9322 6322 |
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Dylan Browne, Company Secretary |
Email: info@greenxmetals.com |
#BRES Blencowe Resources PLC – Subscription & Conditional Subscription – Replace
New Investor
The Company is pleased to report it has raised US$500,000 (£392,350) at 5 pence per share with a specialist African-based investor (“African Investor”) through the issue of 7,847,000 new ordinary shares. The investor has undertaken extensive due diligence over the last four months and the current investment is viewed as an initial entry into the project ahead of anticipated further investment as required. The shares have been issued to the African Investor under the Company’s existing headroom.
Additional Investor and the Issue of a Prospectus
In addition, the Company has conditionally raised a further £2,500,000 at 5 pence resulting in the issue of 50,000,000 new ordinary shares to an additional strategic investor (“Strategic Investor”). The Company is required to publish a prospectus on the basis that it will be issuing more than 20% of its issued share capital in a 12-month period. The Company and its advisers are in advanced stages of finalising the prospectus. The Company anticipates publishing the prospectus this month and will update shareholders prior to its publication.
Conditional Subscription
The Strategic Investor has received investment committee approval and made a firm commitment to subscribe. The subscription by the Strategic Investor is subject to the Company issuing the prospectus, a general meeting by the Company to approve certain resolutions relating to the issue of new ordinary shares, settlement of the investment and the issue and allotment of the new ordinary shares.
For the avoidance of doubt, the subscription by the African Investor is firm and not contingent on any investment by the Strategic Investor. The subscription funds have been received from the African Investor and the Company shall apply for the new ordinary shares to commence trading.
Admission
An application has been made for 7,847,000 new ordinary shares to be admitted to trading on the official list and the London Stock Exchange from 8.00 a.m. on Monday 12 February 2024 (“Admission”).
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company’s enlarged issued ordinary share capital will comprise 217,226,950 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA’s Disclosure Guidance and Transparency Rules.
Mike Ralston, CEO of Blencowe Resources, commented:
‘I am pleased to provide this positive update with respect to our fundraising initiatives. As previously reported, we have already received US$2,000,000 in grant funding from the US International Development Finance Corporation (“DFC”) out of their approved US$5,000,000 grant. A further US$1,000,000 is expected from the DFC in the near term as the next milestones have been met.
We now welcome a new specialist African investor to the register following the fundraise of US$500,000 at 5 pence, which represents a healthy premium to the current market price and underlines their decision to invest for the long term after an extensive due diligence exercise. We reasonably believe that they will look to invest further as our relationship is built.
Moreover, we are now in the closing stages of a further subscription of £2.5m at 5 pence from another Strategic Investor and we are busily working with our advisers to finalise and issue the prospectus.
Both these investments at 5p underline the value proposition offered by Blencowe and will provide us with a good runway to complete the DFS this year. We are making rapid progress in de-risking the Orom-Cross project, especially following the recent letter of interest received from the DFC to provide a funding solution for the build and development of Orom-Cross. We will continue to work closely with the DFC as we complete the DFS to ensure construction can commence at Orom-Cross in a timely fashion.
I believe it is testament of the quality of the Orom-Cross project that we have been able secure funding partners like this at a time when the junior mining sector continues to face significant difficulties with respect to sourcing capital. We are hoping to deliver an NPV in the DFS significantly higher than the post-tax NPV of US$482M achieved in the Pre-Feasibility Study and will keep shareholders updated on our progress.’
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
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Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.
#FCM First Class Metals PLC – Admission of Shares
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”), the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings, announces that in respect of the 16,373,674 new ordinary shares (“Shares”) issued since the Company’s IPO on 29 July 2022, no applications were made for the Shares to be admitted to trading. This is a result of the Company and its Directors being given incorrect information by its former financial adviser.
In order to correct this position, the Company will now commence applications for the Shares to be admitted to trading on the Official List of the Financial Conduct Authority (“FCA”) and to trading on the Main Market of the London Stock Exchange. To ensure compliance with the Prospectus Regulation Rules, the Shares will be admitted in four tranches as follows:
i) 13,134,411 Shares will be admitted to trading on or around 23 January 2024;
ii) 2,626,882 Shares will be admitted to trading on or around 26 January 2024;
iii) 525,376 Shares will be admitted to trading on or around 31 January 2024; and
iv) 87,005 Shares will be admitted to trading on or around 5 February 2024.
For the avoidance of doubt, the Company’s issued share capital remains 82,045,729 ordinary shares of 0.1p each, with one vote per share (and no such shares are held in treasury). The total number of voting rights is therefore 82,045,729 and this figure may be used by shareholders as the denominator for the calculations to determine if they have a notifiable interest in the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules, or if such interest has changed.
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
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David Coffman/Dan Harris/George Duxberry Novum Securities Limited |
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(0)20 7399 9400 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine.
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
GreenX Metals #GRX – ASX Trading Halt
GreenX Metals Limited (ASX:GRX; LSE:GRX; WSE:GRX) (GreenX or the Company) advises, that today the Company requested an immediate voluntary trading halt in its shares on the Australian Securities Exchange (ASX), pending an announcement regarding a capital raising.
The Company has requested that the trading halt remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on 14 July 2023.
Trading in the Company’s ordinary securities will continue to trade as normal on the London and Warsaw Stock Exchanges during this period.
For further information please contact:
Dylan Browne
Company Secretary
+61 8 9322 6322