Alecto Minerals PLC Completes Acquisition of the Kerboule Gold Project (8261X)
November 24 2014 - 8:30AM
UK Regulatory
TIDMALO
RNS Number : 8261X
Alecto Minerals PLC
24 November 2014
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector:
Exploration & Development
24 November 2014
Alecto Minerals plc ('Alecto' or the 'Company')
Completion of the Acquisition of the Kerboulé Gold Project in
Burkina Faso and issue of equity
Alecto Minerals plc (AIM: ALO), the AIM quoted mineral
exploration company focussed on West and East Africa, announces the
completion of the acquisition of 100% of Gazelle Resources
Incorporated ('Gazelle'), which wholly owns the 399.5 sq. km.
Kerboulé Gold Project ('Kerboulé' or 'the Project') located in the
highly prospective Birrimian-age Djibo gold belt in northern
Burkina Faso ('the Acquisition').
The initial consideration for the Acquisition of GBP350,000, has
been settled through the issue of 54,996,857 new ordinary shares of
0.01 pence each in the capital of Alecto ('Ordinary Shares') at a
price of 0.6364 pence per Ordinary Share.
Further issue of Ordinary Shares
Additionally, the Company has agreed to issue 4,714,016 new
Ordinary Shares ('Fee Shares') to a consultant to the Company, in
lieu of fees in respect of the Acquisition. The Fee Shares will
rank pari passu in all respects with the existing Ordinary Shares
of the Company.
Application for trading on AIM and Total Voting Rights
Application has been made for the Fee Shares to be admitted to
trading on AIM and admission is expected to become effective and
dealings commence at 8.00 a.m. on 27 November 2014 ('Admission').
On Admission, the Company will have in issue 884,789,314 Ordinary
Shares.
The Company has no Ordinary Shares held in Treasury. The above
figure may therefore 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 in their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
**ENDS**
For further information, please visit www.alectominerals.com or
contact:
Alecto Minerals plc Tel: +44 (0)20 3137 8862
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Richard Tulloch
Matthew Chandler
James Dance
Hume Capital Securities plc Tel: +44 (0)20 3693 1470
Jon Belliss
Abigail Wayne
St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177
Elisabeth Cowell
Felicity Edwards
Notes to editors:
Alecto Minerals plc is an African focussed, gold and base metal
exploration and development company quoted on AIM with exploration
projects in Mali, Ethiopia, Mauritania and, following completion of
the abovementioned acquisition, Burkina Faso.
In Mali, the Kossanto Project has a current independent inferred
JORC Code compliant resource estimate of 6.72Mt grading at 1.14g/t
Au for an aggregate of 247,000 oz Au with a cut-off grade of 0.5g/t
Au at Kossanto East. The Kossanto Project is located in the centre
of the Kenieba inlier in western Mali. The Kenieba inlier is a
block of ancient greenstones and granites hosting many significant
gold deposits in Senegal and Mali, making it one of the most
important gold regions in Africa.
The Kerboulé Project, located in the highly prospective
Birrimian-age Djibo gold belt in northern Burkina Faso, is ideally
positioned for the definition of a preliminary JORC resource
estimate, as well as on-going resource expansion, and accordingly
will be the near term focus of the Company to provide the basis for
commencing a preliminary economic assessment.
Alecto also has a joint venture with Centamin plc over two
prospective gold exploration licences in Ethiopia which sees Alecto
retain exposure to these assets with no capital expenditure
obligations, as well as the wholly owned Wad Amour IOCG Project in
Mauritania which is at an exploration stage.
Combined, these projects provide the Company with a strong,
diversified portfolio with exciting exploration upside
potential.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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