8 Jun 2011 07:00
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development
Alecto Minerals plc ("Alecto" or the "Company")
Ethiopian Gold Project - Issue of Shares
Alecto Minerals plc, the AIM listed resource company, announces that it has applied for 8,870,968 ordinary shares of 0.7 pence each in the Company (the "Initial Consideration Shares"), which will rank pari passu with the Company's existing ordinary shares in issue, to be admitted to trading on AIM ("Admission"). The Initial Consideration Shares have been issued under the terms of the share purchase agreement pursuant to which Alecto has acquired 100% of the issued share capital of Nubian Gold Exploration Limited, further details of which are contained in the Company's announcement made on 24 May 2011.
It is expected that Admission will be effective and that dealings in the Initial Consideration Shares that are issued without restriction will commence on 13 June 2011. When issued, the Initial Consideration Shares will represent 4.55% of the Company's enlarged issued share capital.
The sellers of Nubian Gold Limited have agreed not to dispose of 6,048,387 of the Initial Consideration Shares for 12 months following their allotment.
The total enlarged issued share capital of the Company following Admission will be 195,136,748 ordinary shares of 0.7 pence each in the Company. The above figure may 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 to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
**ENDS**
For further information, please visit www.alectoenergy.com or contact:
Damian Conboy | Alecto Minerals plc | Tel: 020 3326 1725 |
Greg Kuenzel | Alecto Minerals plc | Tel: 020 3326 1725 |
Nick Naylor | Allenby Capital Ltd | Tel: 020 3328 5656 |
Alex Price | Allenby Capital Ltd | Tel: 020 3328 5656 |
Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Elisabeth Cowell | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes:
Alecto Minerals Plc is an AIM listed resource exploration and development company focussed on Africa.
Alecto Minerals has a diverse portfolio of exploration assets in both Mauritania and Ghana. In Mauritania, the Company currently owns three gold and base metal development licences totalling 1,902 sq km and two uranium licences totalling 1,592 sq km in the highly prospective Mauritanide mobile belt. Additionally, the Company has signed an agreement under which it will acquire a controlling interest in a 191 sq km gold exploration licence in the highly prospective Ashanti Gold Belt in Ghana. Alecto is committed to conducting exploratory work across its portfolio, designed to strengthen the Company's knowledge of the assets and delineate targets for further exploration.
Alecto Minerals also has a 9.73% shareholding in AIM listed resource investment company Charles Street Capital plc. The Board believes this investment will provide Alecto with exposure to a diverse range of potential resource projects.