TIDMALO
RNS Number : 2661L
Alecto Minerals PLC
30 September 2016
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector:
Mining
30 September 2016
Alecto Minerals plc ('Alecto' or the 'Company')
Placing to Raise GBP600,000 gross
Alecto Minerals plc (AIM: ALO), the Africa-focused gold and base
metal exploration and development company, is pleased to announce
that it has raised GBP600,000 (before expenses) by way of a placing
of 800,000,000 new ordinary shares of 0.01 pence each in the
capital of the Company (the 'Placing Shares') at a price of 0.075
pence per Placing Share (the 'Placing Price'), with new and
existing shareholders (the 'Placing'). The Placing was conducted by
Beaufort Securities Limited ('Beaufort Securities').
The net proceeds of the Placing will provide the Company with
additional working capital to fund its pre-development activities
on the ground in Zambia. The Company continues to make progress
towards its goal of bringing the 400,000 tonnes per annum open-pit
Matala Gold Project in south-central Zambia ('Matala' or the
'Project'), into low-cost production in the near to mid-term.
The Placing Shares will represent, in aggregate, approximately
15.17 per cent. of the Company's enlarged issued share capital.
Warrants to subscribe for 40,000,000 new Ordinary Shares at the
Placing Price, exercisable within 5 years from the date of
Admission, have been issued to Beaufort Securities in connection
with the Placing.
Alecto's CEO, Mark Jones, commented:
"We are making steady progress towards the conclusion of a
funding package for the Matala gold mine. We have every confidence
that we will complete this financing and bring Matala into
production in 2017, however, we are obliged to progress at the
speed dictated by our counter parties and other external factors.
The current fundraising will strengthen Alecto's position and
enable us to complete essential pre-development activities on the
ground in Zambia on a timeline within our control.
"We will be providing a full operational update in the
Chairman's statement within the interim accounts so that our
stakeholders can see the progress made on the ground, not only in
Zambia, but across our portfolio."
Application for trading on AIM and Total Voting Rights
Application has been made to the London Stock Exchange plc for
the Placing Shares to be admitted to trading on AIM ('Admission').
Admission is expected to become effective and dealings in the
Placing Shares commence at 8.00 a.m. on 14 October 2016. On
Admission, the Company will have in issue 5,272,314,850 ordinary
shares.
The Placing 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
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
Notes to editors:
Alecto Minerals plc is an African focused, gold and base metal
exploration and development company quoted on AIM with gold
exploration projects in Mali, Burkina Faso and Mauritania and, a
development project with near-term gold production in Zambia.
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
IOEBRGDCCGDBGLC
(END) Dow Jones Newswires
September 30, 2016 02:00 ET (06:00 GMT)
Cradle Arc (LSE:CRA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cradle Arc (LSE:CRA)
Historical Stock Chart
From Apr 2023 to Apr 2024
