Last checked at 8 Jun 2020 11:45
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
8 June 2020
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Conversion of CLNs, Exercise of Warrants and Issue of Equity
Armadale Capital plc, the AIM quoted investment group focused on natural resource projects in Africa, announces that it has received notice to convert a total of £150,000 convertible loan notes (‘CLN’) into Armadale shares at a price of 3p per share, being 4,999,997 ordinary shares (‘Ordinary Shares’). In addition to this, Armadale has received warrant exercise notices over an aggregate of 9,265,960 Ordinary Shares at a price of 2.2p per share, providing the Company with proceeds of £203,851.12.
Pursuant to the above, the Company has made application to the London Stock Exchange to admit a total of 14,265,957 new ordinary shares to trading on AIM (‘New Ordinary Shares’). The New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares. It is anticipated that the New Ordinary Shares will be admitted to trading on AIM on or around 12 June 2020 (‘Admission’).
Following Admission of the New Ordinary Shares, the Company's issued share capital will comprise of 459,519,667 Ordinary Shares. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
**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
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Notes
Armadale 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 owns the Mahenge Liandu graphite project in south-east Tanzania, which is now its main focus. The Project is located in a highly prospective region with a high-grade JORC compliant Indicated and inferred mineral resource estimate of 59.48Mt @ 9.8% TGC, making it one of the largest high-grade resources in Tanzania, and work to date has demonstrated Mahenge Liandu’s potential as a commercially viable deposit with significant tonnage, high-grade coarse flake and near surface mineralisation (implying a low strip ratio) contained within one contiguous ore body.
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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