ALO.L Share News (ALO)

LONDON (Dow Jones)--Alecto Energy PLC (ALO.LN), an AIM listed resource investment company, said Wednesday that, following the completion of a detailed technical review by SRK Exploration Services and the company's geological team, it has decided to convert the loan to Bulgarian Mining Corp. Ltd. into a 20% equity position in BMC. MAIN FACTS: -Directors continue to actively review a number of opportunities in Africa, with a particular focus on Mauritania, where they are currently evaluating a number of highly prospective gold projects. -Further to the announcement made on Jan. 27 regarding the agreement to provide BMC with a 90 day working capital facility of GBP45,000 the Directors have agreed with BMC that the Loan will be converted into an equity interest which will represent a 20% shareholding in BMC with no obligations. -Shares at 0950 GMT down 0.25 pence, or 12.5%, at 1.75 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; tommy.stubbington@dowjones.com (END) Dow Jones Newswires July 21, 2010 05:50 ET (09:50 GMT)