Last checked at 11 Oct 2016 07:00
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
11 October 2016
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Issue of Equity
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, announces that it has allotted 3,000,000 ordinary shares of 0.1p each in the capital of the Company (‘Ordinary Shares’) to two retiring directors in lieu of notice and 2,500,000 Ordinary Shares to drilling contractors, all at a deemed price of 3.75p per Ordinary Share.
William Frewen, Chairman of Armadale, said, “It is very encouraging to see that both retiring directors and drilling contractors have confidence in our future by taking shares in lieu of notice and fees. Having recently discovered high-grade coarse flake graphite mineralisation at the Mahenge Liandu Graphite Project in Tanzania, we believe this asset offers significant uplift potential and we look forward to building its value for the benefit of all stakeholders."
The Company has applied for admission of the 5,500,000 new Ordinary Shares to trading on AIM. Dealings are expected to become effective on 14 October 2016 (‘Admission’). Following Admission, the Company will have 208,501,967 Shares in issue with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares currently held in treasury. The total number of voting rights in the Company therefore will be 208,501,967 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Rules and Transparency Rules.
**ENDS**
| Enquiries: | ||||
| Armadale Capital Plc Charles Zorab, Company Secretary | +44 20 7233 1462 | |||
| Nomad and broker: finnCap Ltd Christopher Raggett / Simon Hicks | +44 20 7220 0500 | |||
| Joint Broker: Beaufort Securities Limited Jon Belliss | +44 20 7382 8300 | |||
| Press Relations: St Brides Partners Ltd Charlotte Page / Susie Geliher | +44 20 7236 1177 | |||
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.
More information can be found on the website www.armadalecapitalplc.com.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
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