Alecto Minerals PLC Director's Dealing (4915A)
June 08 2016 - 2:01AM
UK Regulatory
TIDMALO
RNS Number : 4915A
Alecto Minerals PLC
08 June 2016
8 June 2016
Alecto Minerals plc ('Alecto' or the 'Company')
Director's Dealing
Alecto Minerals plc (AIM: ALO), the Africa-focused gold and base
metals exploration and development company, is pleased to announce
that, further to its announcement of 17 May 2016, Chief Executive
Officer, Mark Jones, has today subscribed for 12,500,000 new
ordinary shares of 0.01p each ('Director Subscription Shares') in
the capital of the Company, at a price of 0.08 pence per share,
raising GBP10,000 (the 'Director Subscription').
The net proceeds of the Director Subscription will augment the
GBP665,000 gross recently raised via the placing of 831,250,000 new
ordinary shares (as announced on 17 May 2016), and provide the
Company with additional working capital as it continues to make
rapid progress towards its goal of bringing the 400,000 tonnes per
annum open-pit Matala Gold Project in south-central Zambia, into
low-cost production in the near to mid-term.
Following the Director Subscription, Mr Jones is interested, in
aggregate, in 25,750,000 ordinary shares, representing
approximately 0.58 per cent. of the Company's enlarged issued share
capital.
Application for trading on AIM and Total Voting Rights
Application has been made to the London Stock Exchange plc for
the Director Subscription Shares to be admitted to trading on AIM
('Admission'). Admission is expected to become effective and
dealings in the Director Subscription Shares commence at 8.00 a.m.
on 13 June 2016. On Admission, the Company will have in issue
4,472,314,850 ordinary shares.
The Director Subscription Shares will be fully paid and will
rank pari passu in all respects with the Company's existing
ordinary shares.
The Company does not currently hold any ordinary shares in
treasury. Accordingly, the above figure 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 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,
follow us on Twitter @AlectoMinerals, or contact:
Alecto Minerals plc Tel: +44 (0)20 7499 5881
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Andrew Emmott
Matthew Chandler
James Dance
Beaufort Securities Limited Tel: +44 (0)20 7382 8300
Jon Belliss
St Brides Partners Limited Tel: +44 (0)20 7236 1177
Elisabeth Cowell
Charlotte Heap
Notes to editors:
Alecto Minerals plc is an African focused, gold and base metals
exploration and development company quoted on AIM with gold
exploration projects in Zambia, Mali, Burkina Faso and
Mauritania.
In Zambia, the historical Matala and Dunrobin gold mines have,
in aggregate, a 760,000 oz Au JORC Code compliant resource estimate
in the Measured, Indicated and Inferred categories at an average
grade of 2.3g/t Au. The Company is focused on bringing Matala into
low-cost production in the near to mid-term.
In Mali, the Kossanto East project has an 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. This
is under a co-operation agreement with ASX listed Desert Gold Inc.
to evaluate the potential to jointly develop each company's
neighbouring projects into production. The Kossanto West Project is
under a joint venture with Randgold Resources Limited. In addition,
the Company owns the 250 sq. km. Karan gold project in southern
Mali which is under joint venture with Cora Gold Limited.
Alecto also owns the Kerboulé Project, located in the highly
prospective Birrimian-age Djibo gold belt in northern Burkina Faso,
as well as the wholly owned Wad Amour IOCG Project in Mauritania
which is at an exploration stage.
Accordingly, the Company has a strong, diversified project
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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