TIDMASO
RNS Number : 0599C
Avesoro Resources Inc.
16 January 2018
16 January 2018
Avesoro Resources Inc.
TSX: ASO
AIM: ASO
SHARE CONSOLIDATION UPDATE
Avesoro Resources Inc. ("Avesoro" or the "Company"), the TSX and
AIM listed West African gold producer, is pleased to announce that
the consolidation of the Company's issued and outstanding common
shares ("Common Shares") on the basis of one (1) post-consolidation
Common Share for every one-hundred (100) pre-consolidation Common
Shares (the "Consolidation"), approved at the special meeting of
the common shareholders of the Company held on December 14, 2017
(the "Meeting"), will be effective on January 24, 2018. The Common
Shares are expected to commence trading on the TSX and AIM on a
post-consolidation basis at the open of trading on each exchange on
January 24, 2018.
The 8,156,075,823 Common Shares issued and outstanding prior to
the Consolidation will be reduced to approximately 81,560,758
Common Shares after giving effect to the Consolidation. The exact
number of Common Shares outstanding after the Consolidation will
vary based on the elimination of fractional shares and will be
announced shortly ahead of Admission of the consolidated shares to
trading. No fractional Common Shares will be issued upon the
Consolidation and all fractions of post-consolidation Common Shares
will be rounded down.
Letters of transmittal will be mailed to the registered holders
of the Common Shares, requesting that they surrender their
certificates representing the currently outstanding Common Shares
to the Company's registrar and transfer agent, Computershare
Investor Services Inc., for exchange for new common share
certificates representing post-consolidation Common Shares.
Non-registered shareholders of the Company holding their Common
Shares through a bank, broker or other nominee should note that
such banks, brokers or other nominees may have different procedures
for processing the proposed Consolidation than those that will be
put in place by the Company for registered shareholders. If you
hold your Common Shares with such a bank, broker or other nominee
and if you have any questions in this regard, you are encouraged to
contact your nominee.
Further details of the Consolidation are contained in the
Management Information Circular dated November 1, 2017 sent to the
Company's shareholders in connection with the Meeting and filed
under the Company's profile on SEDAR at www.sedar.com.
Timetable
Filing of post-dated Articles of Amendment January
19, 2018
------------------------------------------- ----------
Mail Letters of Transmittal to Registered January
Shareholders 19, 2018
------------------------------------------- ----------
Record Date and Adjustment of Share January
Registers 23, 2018
4.01 PM
EST
------------------------------------------- ----------
Legal Effectiveness of Consolidation January
24, 2018
12:01AM
EST
------------------------------------------- ----------
Shares commence trading on the TSX January
and AIM on a post-consolidation basis 24, 2018
------------------------------------------- ----------
Admission to AIM
Application will be made for the up to 81,560,758 new common
shares in the Company to be Admitted to AIM at 8.00am GMT on
January 24, 2018. The exact number of shares to be Admitted will be
announced at or around 7.00am GMT on January 24, 2018.
Total Voting Rights
Following the Consolidation the Company shall have in issue
81,560,758 Common Shares with voting rights. Accordingly, the
figure of 81,560,758 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 under the FCA's Disclosure and Transparency
Rules.
Block Listing Update
As disclosed in the Company's block listing update on October 2,
2017, as at that date, 54,841,555 common shares in the Company were
the subject of the Company's block listing, pursuant to the Avesoro
Resources Stock Option Plan and Avesoro Resources Warrants. Since
that update 375,000 common shares have been allotted pursuant to
the Avesoro Resources Stock Option Plan, leaving 54,466,555 common
shares the subject of the Company's Block Listing. The shares the
subject of the Company's block listing were originally admitted on
July 31, 2014 (47,818,744 common shares) and September 29, 2011
(9,935,121 common shares). Pursuant to the Consolidation, the
Company has made application for the consolidated number of common
shares the subject of the Block Listing (544,665 common shares) to
trading on AIM at 8.00am GMT on January 24, 2018. Therefore, upon
Admission, the Company shall have a total of up to 82,105,423
common shares admitted to trading, comprising of 81,560,758 common
shares allotted and admitted to trading, and 544,655 common shares
admitted to trading pursuant to the block listing. The Company
shall release its next 6 monthly block listing update in April
2018, in line with the current announcement schedule.
Trading codes
Following the Consolidation of the Company's common shares, the
ISIN and CUSIP of the Company's common shares will change to the
following:
Common Shares (Unrestricted) Common Shares (Subject
to 144A restriction)
------- ----------------------------- -----------------------
ISIN CA05366A3029 US05366A4013
CUSIP 05366A302 05366A401
The Company's LEI and TIDM codes will remain the same.
Appointment of Beaufort Securities
The Company is pleased to announce the appointment of Beaufort
Securities Limited as its Joint Broker with a retail focus with
immediate effect. Hannam and Partners (Advisory) LLP continues to
act as Joint Broker to the Company, whilst Numis Securities Limited
continues to act as Nominated Advisor and Joint Broker to the
Company.
Contact Information
Avesoro Resources Inc. Camarco
Geoff Eyre / Nick Smith Gordon Poole / Nick Hennis
Tel: +44(0) 20 7010 7690 Tel: +44(0) 20 3757
4980
-------------------------- ----------------------------
Numis Securities Limited
(Nominated Adviser and
Joint Broker)
John Prior / James Black
/ Paul Gillam
Tel: +44(0) 20 7260 1000
-------------------------- ----------------------------
About Avesoro Resources Inc.
Avesoro Resources is a West Africa focused gold producer and
development company that operates three gold mines across West
Africa and is listed on the Toronto Stock Exchange ("TSX") and the
AIM market operated by the London Stock Exchange ("AIM"). The
Company's assets include the New Liberty Gold Mine in Liberia (the
"New Liberty Gold Mine" or "New Liberty") and the Youga and Balogo
Gold mines in Burkina Faso ("Youga" and "Balogo").
New Liberty has an estimated proven and probable mineral reserve
of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an
estimated measured and indicated mineral resource of 9.6Mt with
985,000 ounces of gold grading 3.2g/t and an estimated inferred
mineral resource of 6.4Mt with 620,000 ounces of gold grading
3.0g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in an NI 43-101 compliant Technical Report dated November 1,
2017 and entitled "New Liberty Gold Mine, Bea Mountain Mining
Licence Southern Block, Liberia, West Africa" and is available on
SEDAR at www.sedar.com.
Youga and Balogo have a combined estimated proven and probable
mineral reserve of 9.3Mt with 513,000 ounces of gold grading 1.7g/t
and a combined estimated indicated mineral resource of 16.05Mt with
801,600 ounces of gold grading 1.55g/t and a combined inferred
mineral resource of 13Mt with 655,000 ounces of gold grading
1.57g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in two NI 43-101 compliant Technical Reports, dated June 16,
2017 entitled "Mineral Resource and Mineral Reserve Update for the
Balogo Project" and dated June 19, 2017 and entitled "Mineral
Resource and Mineral Reserve Update for the Youga and Ouaré
Projects" and are available on SEDAR at www.sedar.com.
For more information, please visit www.avesoro.com
Qualified Persons
The Company's Qualified Person is Mark J. Pryor, who holds a BSc
(Hons) in Geology & Mineralogy from Aberdeen University, United
Kingdom and is a Fellow of the Geological Society of London, a
Fellow of the Society of Economic Geologists and a registered
Professional Natural Scientist (Pr.Sci.Nat) of the South African
Council for Natural Scientific Professions. Mark Pryor is an
independent technical consultant with over 25 years of global
experience in exploration, mining and mine development and is a
"Qualified Person" as defined in National Instrument 43 -101
"Standards of Disclosure for Mineral Projects" of the Canadian
Securities Administrators and has reviewed and approved the
scientific and technical disclosures contained in this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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