29 Jan 2014 07:00
The following amendments have been made to the "Issue of Equity" announcement released on 23 January 2014 at 4.30 p.m. under RNS number 4038Y.
The Company confirms that the 5,000,000 ordinary shares to Yorkville Advisers have already been issued and admitted to trading on AIM as detailed in the announcement on 25 November 2013, therefore, the wording regarding the Other Issue of Equity has been deleted.
Accordingly, the application will only be made for the 79,113,924 ordinary shares in the Company to be issued to Electrum Ltd to be admitted to trading on AIM and it is anticipated that dealings will now commence on 30 January 2014 ('Admission').
The Company confirms that following Admission, the number of ordinary shares in issue will be 773,032,699 as set out in the announcement on 23 January 2014.
All other details remain unchanged. The full amended text is shown below.
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development
Alecto Minerals plc ('Alecto' or 'the Company')
Issue of Equity
Alecto Minerals plc (AIM: ALO), the AIM quoted mining exploration company focusing on West and East Africa, announces the following issues of equity.
Electrum Deferred Consideration
As set out in the notice of the General Meeting on 17 September 2013, Electrum Ltd ('Electrum') have agreed to receive the deferred consideration of £1.25 million through the issue of shares in the Company at an agreed price of 1.58 pence. Therefore, Electrum will receive 79,113,924 ordinary shares in the Company in lieu of deferred consideration. Following the issue of ordinary shares, Electrum will have a holding of 10.2% in the Company.
The deferred consideration relates to the acquisition of the Kossanto Gold Project that was acquired from African Mining & Exploration plc (now Savannah Resources plc) in August 2013 and of which Electrum was the previous owner. This deferred consideration to Electrum was payable no later than 1 February 2014 in either cash or shares or a combination thereof.
Application for Trading on AIM
Application will be made for the 79,113,924 ordinary Shares to be admitted to trading on AIM and it is anticipated that dealings will commence on 30 January 2014 ('Admission'). On Admission, the Company will have 773,032,699 ordinary shares of 0.01p each in issue.
Grant of Options
The Company has granted 7,000,000 options to the Chairman, Michael Johnson that are exercisable at 1.58 pence and valid for three years from and exercisable six months after the date of grant being 23 January 2014.
**ENDS**
For further information, please visit www.alectominerals.com or contact:
Mark Jones Alecto Minerals plc Tel: 020 3137 8862
Jonathan Evans Fox-Davies Capital Ltd Tel: 020 3463 5000
Jon Belliss XCAP Securities plc Tel: 020 3693 1470
Abigail Wayne XCAP Securities plc Tel: 020 3693 1470
Elisabeth Cowell St Brides Media & Finance Ltd Tel: 020 7236 1177
Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7236 1177