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Pin to quick picksBlencowe Resources Regulatory News (BRES)

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Publication of a Prospectus

10 Dec 2021 15:35

RNS Number : 3321V
Blencowe Resources PLC
10 December 2021
 

10 December 2021

Blencowe Resources Plc

 

("Blencowe" or the "Company")

 

Publication of Prospectus and Admission to Trading

 

Blencowe is pleased to announce that its prospectus has been approved by the Financial Conduct Authority (the 'FCA') and published today by the Company (the 'Prospectus'). The Prospectus relates to the admission of Placing Shares and Subscription Shares in connection with the £2,000,000 fundraise announced on 12 November 2021.

 

The Company will admit a total of 40,000,000 new ordinary shares to the standard listing segment of the Official List of the FCA and to trading on the Main Market for listed securities of the London Stock Exchange at 8.00 a.m. on 15 December 2021 ("Admission"). The new ordinary shares consist of 29,100,000 Placing Shares and 10,900,000 Subscription Shares. The Placing and the Subscription are conditional, inter alia, on Admission.

 

Further information is set out in the Prospectus, which can be accessed electronically from the Company's website at www.blencoweresourcesplc.com.

 

Unless otherwise defined herein, terms defined in the Prospectus have the same meanings herein.

 

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the FCA ("DTRs"), the Company confirms that, following Admission, its issued share capital will comprise 161,929,950 Ordinary Shares, each of which carries the right to vote, with no Ordinary Shares held in treasury. 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 Company under the DTRs

 

Cameron Pearce, Chairman of Blencowe Resources Plc commented:

 

"We are delighted to publish the prospectus and close the transaction to raise £2m. This provides the Company with a firm foundation to continue developing Orom-Cross graphite project and 2022 should be transformational for the Company. I would like to thank our shareholders, both old and new, and to wish everyone a happy xmas from the Blencowe team.

 

For further information, please contact:

 

Contact details:

 

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@flowscomm.com

Brandon Hill Capital Limited

Jonathan Evans

 

Tel: +44 (0)20 3463 5000 jonathan.evans@brandonhillcapital.com

First Equity Limited

Jason Robertson

 

 

Tel: +44(0)20 7330 1883

jasonrobertson@firstequitylimited.com

 

Twitter https://twitter.com/BlencoweRes

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

 

Sign up for our news: http://eepurl.com/hxc9vn

 

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 following delivery of exceptional metallurgy test results (July 2021 and an outstanding Preliminary Economic Assessment (September 2021) Blencowe is moving into the Pre-Feasibility Study (PFS) stage as it drives towards first production.

 

Orom-Cross is a large, shallow open pitable deposit, with an es mated overall resource between 2-3 billion tonnes of graphite with 16.3Mt already drilled to JORC Resource standard, covering an initial 13-year life of mine. Development of the resource is expected to benefit from a low strip ratio and free dig operations thereby ensuring lower operating and capital costs.

 

Blencowe's Preliminary Economic Assessment (PEA) for Orom-Cross presents the project as low-cost with robust financials and the Company is confident that Project economics can improve further, notably by extending the life of mine and/or increasing the levels of production. The September 2021 PEA delivered an NPV8 of US$317M and IRR 49% with an average nameplate production of 75,000tpa graphite sold as concentrate, with ability to extend this after further drilling.

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Date   Source Headline
5th Sep 20247:00 amRNSMoU signed for Graphite Beneficiation in Uganda
2nd Sep 20247:00 amRNS600 tonne Processing Graphite to Battery Ready SPG
22nd Jul 20247:00 amRNSIssue of Equity
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5th Jul 20247:00 amRNSConversion of 600t bulk sample to concentrate
25th Jun 20247:17 amRNS600t Bulk Sample Nearing Completion
14th Jun 20247:00 amRNSHalf-year Report
10th Jun 20247:00 amRNSFirst offtake for 15,000 tonnes
3rd Jun 20247:00 amRNSCorporate Presentation Updated
28th May 20249:00 amRNSCEO Video Interview
15th Apr 20247:00 amRNSBulk Sample Update
10th Apr 20247:00 amRNSReceipt of Third Tranche from DFC
26th Feb 20248:52 amRNSResult of AGM
9th Feb 20247:00 amRNSSubscription & Conditional Subscription - Replace
6th Feb 20247:00 amRNSSubscription & Conditional Subscription
31st Jan 20247:00 amRNSAnnual Financial Report
29th Jan 20247:00 amRNSDFC LOI Regarding Project Financing
25th Jan 20247:00 amRNSReceipt of further $1m Tranche from the DFC
2nd Jan 20247:00 amRNSProject Update
11th Dec 20237:00 amRNSDFS Update
30th Oct 20237:00 amRNSSPG Test Work Completed
10th Oct 202312:16 pmRNSReceipt of $1m Grant First Tranche from DFC
22nd Sep 20237:05 amRNSCorporate Presentation
22nd Sep 20237:00 amRNSDFC Grant Completed
4th Sep 20237:00 amRNSBulk Sampling Completed
23rd Aug 20237:16 amRNSHolding(s) in Company
14th Aug 20237:57 amRNSBulk Sampling Update & China Visit
18th Jul 20237:00 amRNSWarrants Update
22nd Jun 20231:49 pmRNSCEO Interview
19th Jun 20237:00 amRNSMetallurgical test work results
2nd Jun 20237:00 amRNSHalf-year Report
24th May 20238:59 amRNSHolding(s) in Company
18th May 20237:46 amRNSPlacing to Raise £635,000
9th May 20237:00 amRNSWebinar Today
2nd May 20237:11 amRNSInvestor Webinar & Updated Presentation
27th Apr 20233:22 pmRNSStrategic Funding Partner for Orom-Cross
18th Apr 20237:00 amRNSWarrant Expiry Extension
2nd Mar 20237:49 amRNSResearch Note
27th Feb 20237:00 amRNSBulk Sampling Complete
15th Feb 202310:17 amRNSResult of AGM
23rd Jan 20237:00 amRNSAppointment of Leading Engineering Firm to DFS
16th Jan 20237:00 amRNSFinal Metallurgical Testing Programs
13th Jan 20237:00 amRNSAnnual Results 30 September 2022 & Notice of AGM
11th Jan 20234:40 pmRNSSecond Price Monitoring Extn
11th Jan 20234:35 pmRNSPrice Monitoring Extension
11th Jan 20237:00 amRNSExport Approval for Bulk Samples
6th Dec 20227:00 amRNSMetallurgical Test Work Update
17th Nov 20229:00 amRNSPrice Monitoring Extension
27th Oct 202211:10 amRNSIssue of Options
26th Oct 20227:00 amRNSStrategic Investment

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