24 Nov 2014 13:30
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development
24 November 2014
Alecto Minerals plc ('Alecto' or the 'Company')
Completion of the Acquisition of the Kerboulé Gold Project in Burkina Faso and issue of equity
Alecto Minerals plc (AIM: ALO), the AIM quoted mineral exploration company focussed on West and East Africa, announces the completion of the acquisition of 100% of Gazelle Resources Incorporated ('Gazelle'), which wholly owns the 399.5 sq. km. Kerboulé Gold Project ('Kerboulé' or 'the Project') located in the highly prospective Birrimian-age Djibo gold belt in northern Burkina Faso ('the Acquisition').
The initial consideration for the Acquisition of £350,000, has been settled through the issue of 54,996,857 new ordinary shares of 0.01 pence each in the capital of Alecto ('Ordinary Shares') at a price of 0.6364 pence per Ordinary Share.
Further issue of Ordinary Shares
Additionally, the Company has agreed to issue 4,714,016 new Ordinary Shares ('Fee Shares') to a consultant to the Company, in lieu of fees in respect of the Acquisition. The Fee Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.
Application for trading on AIM and Total Voting Rights
Application has been made for the Fee Shares to be admitted to trading on AIM and admission is expected to become effective and dealings commence at 8.00 a.m. on 27 November 2014 ('Admission'). On Admission, the Company will have in issue 884,789,314 Ordinary Shares.
The Company has no Ordinary Shares held in Treasury. The above figure may therefore 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 Financial Conduct Authority's Disclosure and Transparency Rules.
**ENDS**
For further information, please visit www.alectominerals.com or contact:
Alecto Minerals plc Mark Jones | Tel: +44 (0)20 3137 8862 |
Strand Hanson Limited Richard Tulloch Matthew Chandler James Dance | Tel: +44 (0)20 7409 3494 |
Hume Capital Securities plc Jon Belliss Abigail Wayne | Tel: +44 (0)20 3693 1470 |
St Brides Media & Finance Ltd Elisabeth Cowell Felicity Edwards | Tel: +44 (0)20 7236 1177 |
Notes to editors:
Alecto Minerals plc is an African focussed, gold and base metal exploration and development company quoted on AIM with exploration projects in Mali, Ethiopia, Mauritania and, following completion of the abovementioned acquisition, Burkina Faso.
In Mali, the Kossanto Project has a current independent inferred JORC Code compliant resource estimate of 6.72Mt grading at 1.14g/t Au for an aggregate of 247,000 oz Au with a cut-off grade of 0.5g/t Au at Kossanto East. The Kossanto Project is located in the centre of the Kenieba inlier in western Mali. The Kenieba inlier is a block of ancient greenstones and granites hosting many significant gold deposits in Senegal and Mali, making it one of the most important gold regions in Africa.
The Kerboulé Project, located in the highly prospective Birrimian-age Djibo gold belt in northern Burkina Faso, is ideally positioned for the definition of a preliminary JORC resource estimate, as well as on-going resource expansion, and accordingly will be the near term focus of the Company to provide the basis for commencing a preliminary economic assessment.
Alecto also has a joint venture with Centamin plc over two prospective gold exploration licences in Ethiopia which sees Alecto retain exposure to these assets with no capital expenditure obligations, as well as the wholly owned Wad Amour IOCG Project in Mauritania which is at an exploration stage.
Combined, these projects provide the Company with a strong, diversified portfolio with exciting exploration upside potential.