Last checked at 19 Dec 2017 09:00
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
19 December 2017
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 1,500,000 ordinary shares of 0.1p each in the capital of the Company (‘Ordinary Shares’) at a deemed price of 1.85 pence per Ordinary Share in relation to consultancy fees.
The Company has applied for admission of the 1,500,000 new Ordinary Shares to trading on AIM. Dealings are expected to become effective on 22 December 2017.
Further to the announcement of 11 July 2016, the Company has applied for 57,500,000 Ordinary Shares to be admitted to trading on AIM that were not admitted at that time due to an administrative error. These Ordinary Shares were issued as consideration shares in relation to the Company’s acquisition of Graphite Advancement Pty Limited, which owned the Liandu Project, the Company’s Graphite Project in south-east Tanzania. Dealings are expected to become effective on 22 December 2017 (‘Admission’).
Following Admission, the Company will have 244,640,034 Ordinary Shares in issue. The Company has no shares in treasury, therefore the figure of 244,640,034 should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
**ENDS**
| Enquiries: | |||
| Armadale Capital Plc Tim Jones, Company Secretary | +44 20 7236 1177 | ||
| 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 Susie Geliher / Charlotte Page | +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.
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 inferred mineral resource estimate of 40.9Mt @ 9.41% TGC. At least 32Mt of this resource has an average grade of 10.47% TGC, 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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