14 Apr 2016 15:30
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Mining
14 April 2016
Alecto Minerals plc ('Alecto' or the 'Company')
Exercise of Warrants and Issue of Equity
Alecto Minerals plc (AIM: ALO), the Africa-focused gold and base metal exploration and development Company, has issued 38,750,000 new ordinary shares of £0.0001 each ('Ordinary Shares') as a result of an exercise of 38,750,000 warrants exercisable at 0.08 pence each (the 'Warrant Shares').
Application will be made for the Warrant Shares, which will rank pari passu with the existing Ordinary Shares in the Company, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at 8:00 a.m. on 20 April 2016.
Following the issue of the Warrant Shares, the issued share capital of the Company will consist of 3,628,564,850 Ordinary Shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 3,628,564,850.
**ENDS**
For further information please visit www.alectominerals.com, follow us on Twitter @AlectoMinerals, or contact:
Alecto Minerals plc Mark Jones
| Tel: +44 (0)20 7499 5881 |
Strand Hanson Limited Andrew Emmot Matthew Chandler James Dance
| Tel: +44 (0)20 7409 3494 |
Beaufort Securities Limited Jon Belliss
| Tel: +44 (0)20 7382 8300 |
St Brides Partners Limited Elisabeth Cowell Charlotte Heap | 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 gold exploration projects in Zambia, Mali, Burkina Faso and Mauritania.
In Zambia, the historic Matala and Dunrobin gold mines have, in aggregate, a 760,000 oz Au JORC Code compliant resource estimate in the Measured, Indicated and Inferred categories at an average grade of 2.3g/t Au. The Company is focused on seeking to bring Matala into low-cost production in the near to mid-term.
In Mali, the Kossanto East project has an 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. This is under a co-operation agreement with ASX listed Desert Gold Inc. to evaluate the potential to jointly develop each company's neighbouring projects into production. The Kossanto West Project is under a joint venture with Randgold Resources Limited.
Alecto also owns the Kerboulé Project, located in the highly prospective Birrimian-age Djibo gold belt in northern Burkina Faso, as well as the wholly owned Wad Amour IOCG Project in Mauritania which is at an exploration stage.
Accordingly, the Company has a strong, diversified project portfolio with exciting exploration upside potential.