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Strategic Investment

26 Oct 2022 07:00

RNS Number : 0913E
Blencowe Resources PLC
26 October 2022
 

Blencowe Resources Plc

 

("Blencowe" or the "Company")

 

Strategic Investment by AIM-Listed Jangada Mines plc and Two Existing Major Shareholders

 

Highlights

 

- £750,000 raised at 4p per share with 3 existing investors

- Jangada Mines plc to increase holding from 2% to 9.5% of enlarged share capital

- Existing major shareholders RAB Capital and JUB Capital continue to invest pro rata to their existing 10.0% and 8.2% shareholdings respectively

- Asset-level transactions now targeted for DFS and ultimate development of Orom-Cross

 

Blencowe Resources Plc ("Blencowe Resources" or the "Company") (LSE: BRES) is pleased to announce a placing of 18,750,000 new ordinary shares ("Placing Shares") at 4 pence per share to raise a total of £750,000 ("Placing") from three existing shareholders. The placees will receive 1 warrant per 2 Placing Shares, exercisable at 8p for 3 years from admission ("Investor Warrants").

 

The Placing was cornerstoned by Jangada Mines plc whom invested £610,000, which has increased their holding from 2% to 9.5%. Also, the Company's two other largest institutional investors RAB Capital and JUB Capital have subscribed for the remaining £140,000 in the Placing, on a pro rata basis, to maintain their respective 10.0% and 8.2% holdings in the enlarged share capital of the Company following the Placing.

 

Use of Proceeds

 

The funds will be dedicated to fund the delivery of a 100 tonne bulk sample from Orom-Cross to China and general working capital.

 

On 3 October 2022, the Company reported an approach from a potential strategic party looking to undertake further off-site testing ahead of potentially providing an offtake and funding solution for the development of Orom-Cross. This successful capital raise will enable the Company to accelerate the bulk sampling plans and build on the highly encouraging PFS results.

 

 

Admission of Shares to Trading

 

The Company has made an application for 18,750,000 ordinary shares to be admitted to trading on the official list and the London Stock Exchange with effect from 8.00 a.m. on 31 October 2022 ("Admission").

 

In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company's enlarged issued ordinary share capital will comprise 196,679,950 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury.

 

Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA's Disclosure Guidance and Transparency Rules.

 

Executive Chairman of Blencowe Cameron Pearce commented:

 

"I am delighted to welcome Jangada Mines as a new significant shareholder in the Company. They share our view of the inherent value of Orom-Cross, which has already returned a NPV of US$482M from a fraction of our broader resource. I would also like to thank our two major shareholders for their continued support and maintaining their holdings through participation in the Placing. At a time when raising capital for junior resource companies remains difficult, we are delighted to have secured funding sufficient to provide working capital for a year at the plc level and also enable us to commence the process to deliver a 100 tonne bulk sample to our potential strategic partner in China.

 

As we have previously stated, given the substantial disconnect between our market capitalisation and asset value, the focus of the Company is to enter strategic transactions at the asset level for material development, thereby minimising shareholder dilution and capturing a fairer reflection of value. The Company has previously advised it hopes to execute its first asset level transaction in the current quarter, which is expected to provide sufficient funds to complete the DFS. This is running in parallel with the ongoing discussions with our potential strategic partner in China.

 

I look forward to updating shareholders as appropriate."

 

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 3192 1733

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/

 

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END
 
 
MSCEAKESASDAFFA
Date   Source Headline
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
24th Oct 20224:41 pmRNSSecond Price Monitoring Extn
24th Oct 20224:36 pmRNSPrice Monitoring Extension
6th Oct 202212:45 pmRNSWebinar Call
3rd Oct 20229:06 amRNSSecond Price Monitoring Extn
3rd Oct 20229:00 amRNSPrice Monitoring Extension
3rd Oct 20227:00 amRNSStrategic Party

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