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Pin to quick picksBlencowe Resources Regulatory News (BRES)

Share Price Information for Blencowe Resources (BRES)

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Consolidated Africa Holding & Joint Broker

17 Jan 2022 13:00

RNS Number : 7043Y
Blencowe Resources PLC
17 January 2022
 

17 January 2022

Blencowe Resources Plc

("Blencowe" or the "Company")

 

Consolidated Africa dispose of entire holding to new and existing shareholders

&

Appointment of Joint Broker

 

Blencowe Resources Plc (" Blencowe" or the "Company") (LSE: BRES) has been notified that Consolidated Africa Limited ("CAL") has today sold its entire holding in the Company (17,725,000 ordinary shares being 10.9% of the issued share capital) to new and existing shareholders arranged through Tavira Securities Limited ("Tavira").

CAL received 25,000,000 ordinary shares in Blencowe following its sale of the Orom Cross graphite project in 2020. CAL were locked up for one year following the IPO in June 2020.

Appointment of Joint Broker

The Company is pleased to announce that it has appointed Tavira as its joint broker. Tavira has recruited senior personnel from the Company's former broker Brandon Hill Capital Limited and Blencowe looks forward to continuing the strong relationship with the team.

Executive Chairman Cameron Pearce Commented:

"We are pleased that the share register has been strengthened following these on market share purchases. We believe with a market cap of approximately £6.5M, the Company is significantly undervalued, as evidenced by our recent Preliminary Economic Assessment which yielded an NPV for Orom-Cross of US$317M. In December 2021 we closed on a £2M fundraise at 5p per share, which has provided sufficient capital to undertake our 2022 work programme at Orom-Cross, including the completion of a Pre-Feasibility Study. An updated resource statement on Orom-Cross is due to be released later this quarter, which we expect will further increase the size and grade of the resource.

We would like to welcome Tavira Securities as co-broker and we look forward to continuing our relationship with the former senior members of the Brandon Hill team going forward.

 

For further information please contact:

Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

 

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

 

Twitter https://twitter.com/BlencoweRes

LinkedIn https://www.linkedin.com/company/72382491/admin/

 

 

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit. A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is moving into the studies phase shortly as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

 

 

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END
 
 
MSCUBVURUVUAAAR
Date   Source Headline
10th Aug 20207:00 amRNSFirst Stage Value-Add Completed at Orom-Cross
4th Aug 20207:00 amRNSAppointment of SGS Lakefield
20th Jul 20207:00 amRNSJORC Resource Drilling Program Completed
16th Jul 20203:57 pmRNSTR-1: Standard form notification of major holdings
2nd Jul 20207:00 amRNSPhase 1 Drilling Program Update
16th Jun 20207:00 amRNSUpdate on the High-Grade Graphite Zone
2nd Jun 20207:00 amRNSHalf-year Report
27th May 20207:00 amRNSNew High-Grade Graphite Zone Identified
11th May 20207:00 amRNSRecommencement of metallurgical test work
5th May 20201:32 pmRNSTR-1: Notification of major holdings
5th May 20207:00 amRNSNew Research Initiation
4th May 20209:29 amRNSDrill Programme to Restart at Orom-Cross Project
30th Apr 20205:31 pmRNSHolding(s) in Company
30th Apr 20203:58 pmRNSInitiation Report
28th Apr 20207:00 amRNSAcquisition of the Orom-Cross Graphite Project
23rd Apr 202010:42 amRNSResult of AGM
30th Mar 20204:37 pmRNSPublication of Prospectus & Notice of AGM
30th Jan 20202:54 pmRNSAnnual Financial Report
22nd Jan 20209:27 amRNSConditional Placing and Acquisition Update
28th Oct 20194:19 pmRNSAcquisition of the Orom Graphite Project in Uganda
30th Aug 20197:00 amRNSHalf-year Report
13th May 20197:30 amRNSSuspension - Blencowe Resources Plc
13th May 20197:30 amRNSProposed Acquisition Of Orom Graphite Project
23rd Apr 20197:00 amRNSHolding(s) in Company
18th Apr 20197:00 amRNSAdmission to Trading and First Day of Dealings

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