The latest focusIR Investor Webinar with speakers from: Pyx Resources, Helix Exploration, Fulcrum Metals and Metals One takes place on Tuesday 23rd July. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBlencowe Resources Regulatory News (BRES)

Share Price Information for Blencowe Resources (BRES)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 4.80
Bid: 4.50
Ask: 5.10
Change: -0.05 (-1.03%)
Spread: 0.60 (13.333%)
Open: 4.70
High: 4.85
Low: 4.70
Prev. Close: 4.85
BRES Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

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/

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCEAKESASDAFFA
Date   Source Headline
3rd Oct 20229:06 amRNSSecond Price Monitoring Extn
3rd Oct 20229:00 amRNSPrice Monitoring Extension
3rd Oct 20227:00 amRNSStrategic Party
27th Sep 202210:56 amRNSChange of Registered Office
26th Sep 20227:00 amRNSDFS Update
6th Sep 20227:00 amRNSAkelikongo Nickel Project Update
25th Jul 202210:00 amRNSInvestor Webinar
21st Jul 202210:00 amRNSResearch Note
19th Jul 20227:00 amRNSUpdated Corporate Presentation
19th Jul 20227:00 amRNSPre-Feasibility Study Results for Orom-Cross
23rd Jun 20227:00 amRNSHalf-year Report
6th Jun 20227:00 amRNSFinal Metallurgical Test Work Results
30th May 20227:00 amRNSAirborne EM Survey at Akelikongo
6th May 20222:09 pmRNSInvestor Evening
3rd May 20227:00 amRNSESG Consultants Appointed
26th Apr 20229:34 amRNSHolding(s) in Company
19th Apr 20221:43 pmRNSHolding(s) in Company
11th Apr 20227:30 amRNSUpdated Presentation
11th Apr 20227:30 amRNSPlacing
11th Apr 20227:00 amRNSUpdated JORC Resource
6th Apr 202210:30 amRNSInvestor Webinar Call
21st Mar 20227:00 amRNSAkelikongo Exploration Programme
8th Mar 20227:00 amRNSPFS Update
25th Feb 202211:00 amRNSInvestor Webinar Recording
23rd Feb 202210:34 amRNSResult of AGM
23rd Feb 20227:00 amRNSPresentation & Investor Webinar
22nd Feb 20227:00 amRNSAcquisition of Nickel Sulphide Project in Uganda
17th Feb 20227:00 amRNSRescheduling of Investor Webinar
16th Feb 20224:40 pmRNSSecond Price Monitoring Extn
16th Feb 20224:36 pmRNSPrice Monitoring Extension
10th Feb 20229:30 amRNSInvestor Call
8th Feb 20227:00 amRNSDrilling Results Northern Syncline
31st Jan 20223:32 pmRNSNotice of AGM
31st Jan 20227:00 amRNSCamp Lode Drilling Results
28th Jan 20227:00 amRNSAnnual Financial Report
26th Jan 20227:28 amRNSWork Programme
17th Jan 20222:30 pmRNSHolding(s) in Company
17th Jan 20221:00 pmRNSConsolidated Africa Holding & Joint Broker
13th Jan 20227:00 amRNSAppointment of Battery Limits
17th Dec 20211:04 pmRNSIssue of Options
16th Dec 20217:00 amRNSGraphite Sales and Marketing Expert Appointed
10th Dec 20213:35 pmRNSPublication of a Prospectus
8th Dec 202110:11 amRNSResult of General Meeting
8th Dec 20218:28 amRNSWebinar Call
15th Nov 202111:56 amRNSAMENDED Notice of General Meeting
15th Nov 202111:37 amRNSNotice of GM
12th Nov 20218:33 amRNSOver-Subscribed £2m Capital Raise
4th Oct 20217:00 amRNSCorporate Presentation
29th Sep 20217:00 amRNSOrom Cross PEA
20th Sep 20217:00 amRNSOrom Cross Update

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.