19 Jun 2012 12:15
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development
19 June 2012
Alecto Minerals plc ('Alecto' or 'the Company')
Issue of Equity
Alecto Minerals plc, the AIM listed multi-commodity exploration and development company with projects in Ethiopia and Mauritania, and the right to acquire a highly prospective bauxite asset in Guinea, announces that further to the announcement dated 7 June 2012 regarding a placing to raise £363,500, it is now expected that the 23,451,613 new ordinary shares ('the Placing Shares') issued to new strategic investors will be admitted to AIM at 8.00 a.m. on Monday 25 June 2012.
The Placing Shares will rank pari passu with all existing Ordinary Shares and will represent approximately 6.79 per cent. of the enlarged share capital of Alecto. The total enlarged issued share capital of Alecto following admission will be 345,585,707 Ordinary Shares. This 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.alectominerals.com or contact:
Damian Conboy | Alecto Minerals plc | Tel: 020 3137 8862 |
Ewan Leggat | Fairfax I.S. PLC - Joint Broker | Tel: 020 7598 5368 |
Katy Birkin | Fairfax I.S. PLC - Joint Broker | Tel: 020 7598 5368 |
Jonathan Evans | Fox-Davies Capital Ltd - Nominated Adviser & Joint Broker | Tel: 020 3463 5000 |
Elisabeth Cowell | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes:
Alecto Minerals plc is an AIM listed exploration company focussed on Africa with a diverse portfolio of exploration assets in Mauritania and Ethiopia. These include three gold and base metal development licences in Mauritania totalling 1,902 sq km and two uranium licences totalling 1,592 sq km in the highly prospective Mauritanide mobile belt. It also holds a 1,953 sq km gold exploration licence in the highly prospective Aysid-Metekel region of north western Ethiopia and a 945 sq km gold licence in the mineral-rich central-southern Adola greenstone belt in southern Ethiopia.
Additionally, the Company is currently conducting due diligence on the 711 sq km bauxite licence 223 located in the highly prospective south west coastal region of Guinea, which has established infrastructure and producing bauxite operations. The Company believes this project has the potential to host an in-situ bauxite resource of over 500 million tonnes.
The Company is committed to conducting exploratory work across its portfolio, designed to strengthen its knowledge of the assets and delineate targets for further exploration. In tandem, the Board continues to evaluate a number of synergistic assets to build shareholder value.