Last checked at 18 Jun 2020 12:00
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
Armadale Capital Plc(‘Armadale’ or ‘the Company’)
Block Admission
Armadale Capital plc, the AIM quoted investment group focused on natural resource projects in Africa, announces that application has been made for the Block Admission of 83,274,220 ordinary shares of 0.1 pence each in the capital of the Company ("New Ordinary Shares" and "Ordinary Shares"), ranking pari passu with the Company's existing Ordinary Shares. These New Ordinary Shares may be issued from time to time pursuant to the exercise of existing Warrants and Convertible Loan Notes by their respective holders.
It is expected that admission will become effective in the New Ordinary Shares on 23 June 2020 ("Admission"). The Company's issued share capital currently consists of 459,519,667 Ordinary Shares, with no shares held in Treasury.
**ENDS**
Enquiries: |
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Armadale Capital Plc Nick Johansen, Non-Executive Director Tim Jones, Company Secretary | +44 (0) 20 7236 1177 |
Nomad and broker: finnCap Ltd Christopher Raggett / Teddy Whiley | +44 (0) 20 7220 0500 |
Joint Broker: SI Capital Ltd Nick Emerson | +44 (0) 1483 413500 |
Press Relations: St Brides Partners Ltd Charlotte Page / Beth Melluish | +44 (0) 20 7236 1177 |
NotesArmadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.
The Company’s primary focus is the Mahenge Liandu graphite project a long-life low-cost graphite development project in south-east Tanzania. Mahenge Liandu is located in a highly prospective region and is projected to produce 109,000 tonnes of large flake high-purity graphite per annum. The Project has demonstrated robust economics with headline figures including a pre-tax NPV of US$430m and IRR of 91%. An updated DFS produced in June 2020 forecasted pre-tax cashflow of US$985m to be generated from an initial 15 year mine life, utilising just 25% of the resource. The Resource remains open in multiple directions offering significant further upside.
Other assets Armadale has an interest in, include the Mpokoto Gold project in the Democratic Republic of Congo and a portfolio of quoted investments.
More information can be found on the website www.armadalecapitalplc.com.
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