TSX: ASO
AIM: ASO
TORONTO, Jan. 24, 2018 /CNW/ - Avesoro Resources Inc.
("Avesoro" or the "Company"), the TSX and AIM listed West African
gold producer, is pleased to announce that further to the
announcement on January 16, 2018, the
100:1 share consolidation has become effective and the Company's
previously issued share capital of 8,156,075,823 common shares of
nil par value ("Common Shares") has been reduced to 81,560,260 new
common shares of nil par value ("New Common Shares"). The Company
has applied for admission of the 81,560,260 New Common Shares to
trading on AIM and admission is expected to occur at 8:00am (GMT) today. The New Common Shares will
begin trading on the TSX at the opening of trading at 9:30am (ET) today.
Total Voting Rights
Following the share consolidation, the Company has in issue
81,560,260 Common Shares with voting rights. Accordingly, the
figure of 81,560,260 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 announcement of January 16, 2018, the Company has made an
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
today. Therefore, upon Admission, the Company shall have a
total of 82,104,925 common shares admitted to trading, comprising
of 81,560,260 common shares allotted and admitted to trading, and
544,665 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.
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.
SOURCE Avesoro Resources Inc.