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Blenheim Natural Resources Invests In Kalahari Mineral Exploration

Thu, 14th Sep 2017 12:22

LONDON (Alliance News) - Natural resources investment company Blenheim Natural Resources PLC said on Thursday it has conditionally agreed to subscribe for 2,500 ordinary shares in Kalahari Mineral Exploration Pty Ltd at USD52 per share.

The shares would see Blenheim invest USD130,000 in Kalahari in total. This represents a 20% share of Kalahari's issued capital.

Blenheim said that it has the right to subscribe for an additional 2,500 new Kalahari shares at the same USD52 share price. If the group takes up these rights and no further shares are issued by Kalahari, Blenheim's new shareholding would be 33% of total issued share capital.

The company will receive the right to appoint up to two directors of the board at Kalahari as long as it retains a shareholding of 15% or more. Should their shareholding fall between 5% and 15% it would be entitled to appoint one director. The group said that Kalahari will not allow its board to exceed five members at any time unless agreed by Blenheim.

Kalahari was founded in 2014 by Roger Key and incorporated in Botswana. It explores for base and precious metals - notably nickel and platinum group elements - in the 13,000 square kilometre Molopo Farms Complex in Southern Botswana.

"Early work by Kalahari in reinterpreting existing data over Kalahari's licences in the interpreted feeder/shear zone of the complex has been very positive," said Blenheim's Chairman Chris Ellis. "Roger Key is a well-respected geologist in Africa and we are pleased to be making this strategic investment."

"Kalahari is applying a new exploration model to the Molopo Farms Complex," added Ellis, "which has tremendous potential for nickel and platinum group elements. The funds invested by Blenheim will be used to carry out ground geophysical and geochemical surveys over the priority targets and to design an initial drill programme."

Shares in Blenheim Natural Resources were down 8% at 0.550p on Thursday.

By Ahren Lester;

Copyright 2017 Alliance News Limited. All Rights Reserved.

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