Last checked at 21 Apr 2015 09:01
21 April 2015
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Issue of Ordinary Shares following Exercise of Conversion Rights
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, announces that it has received notice of exercise (the “Exercise”) in respect of US$132,000 of the convertible security issued on 16 October 2014 to Bergen Global Opportunity Fund, LP (“Bergen”), at a price of 0.025p per ordinary share (“Shares”). Accordingly the Company has today issued 362,312,000 Shares to Bergen.
As announced on 18 March 2015, Armadale and Bergen have agreed that no further drawdowns will be made under the funding facility provided by Bergen. The Company has also entered into a deed of amendment that alters the outstanding nominal amount of the convertible security to US$424,815 in consideration of Bergen agreeing to convert the security into less Shares in this Exercise than it is contractually entitled to. Following the Exercise, the amount outstanding under the convertible security shall be US$292,815 and this amount may still be converted into Shares. All the other terms of the convertible security remain unchanged.
The Company has applied for admission of the 362,312,000 new Shares to trading on AIM. Dealings are expected to become effective on 24 April 2015 (‘Admission’). Following Admission, the Company will have 5,843,433,330 Shares in issue with each Share carrying the right to one vote. There are no Shares currently held in treasury. The total number of voting rights in the Company therefore will be 5,843,433,330 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
Charles Zorab, Company Secretary +44 20 7233 1462
Nomad and broker: finnCap Limited
Stuart Andrews +44 207 220 0500
Christopher Raggett
Joint broker: VSA Capital Limited
Bhavesh Patel/Richard Buckle +44 203 005 5000
Press relations: St Brides Media & Finance Ltd.
Susie Geliher +44 207 236 1177
Charlotte Heap
Notes
Armadale Capital Plc is focussed on investing in and developing a portfolio of investments, targeting the natural resources sector 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.
Armadale is focused on the development of the Mpokoto Gold project in the Democratic Republic of the Congo, in which it owns an 80% interest. Mpokoto has a current Total Mineral Resource of 678,000 oz gold (‘Au’) from 14.58 million tonnes (‘Mt’) @ 1.45g/t Au at a cut-off grade of 0.5g/t. The Company has recently announced the results of an Expanded Scoping Study for Mpokoto which demonstrated a post-tax net present value of US$55.3m based upon a discount rate of 8% and a gold price of US$1,250/oz. The Project is subject to four Mining Licences which are valid for an initial term of 30 years from 30 September 2014.
Armadale also currently holds approximately a 30% interest in Mine Restoration Investments Ltd, a South African listed company, which aims to develop profitable operations in South Africa through the briquetting and sale of coal fines in KwaZulu Natal, as well as a number of other quoted investments.
More information can be found on the website www.armadalecapitalplc.com.
Copyright Business Wire 2015