RE: Swanley21 Aug 2017 08:07
Highlights
· Subscription to raise £900,000 (gross) at a price of 0.146p per Ordinary Shares by investors secured by Riverfort Global Capital Ltd;
· On admission of the subscription shares the Company will enter into an 'equity sharing' agreement with the Investors for an investment of £500,000;
· As part of the financing and to maximise funds available for exploration, the Board has agreed to a 50 per cent. reduction in its salaries until December 2017;
· Net proceeds of the subscription are expected to fully fund the Company's exploration activities well into 2018;
· Final batch of assays from the recently completed 5,184m Phase III drill programme and regional surface sample programme have left Sierra Leone bound for ALS Laboratories;
· Potential for a maiden resource at Sanama Hill, dependent on assay results from Phase III drill programme; and
· Once the dry season returns to West Africa, the Company's exploration activities will be focused on continued regional surface sampling to ground-truth targets identified from the Tect structural survey and thereby identify future drill targets.