Last checked at 14 May 2021 12:00
Date: 14th May 2021 Blencowe Resources Plc
("Blencowe" or the "Company")
Transaction in Shares
Blencowe Resources Plc, is pleased to provide an update to shareholders with respect to two recent on market block trades. The Company can confirm that major shareholder Consolidated Africa Limited has this week sold a total of 4,000,000 Blencowe Resources shares to one new private investor introduced by the Company's broker and significant shareholder Brandon Hill Capital. Consolidated Africa Limited were the original holder of Orom-Cross project prior to the completion of the RTO by Blencowe in 2020 and remain the Company's largest shareholder with a residual holding of 20,000,000 shares, representing 17% of the outstanding share capital of the Company.
Kevin Nichols, Consolidated Africa Limited CEO commented;
'We are pleased to help facilitate the introduction of a new shareholder, whilst at the same time increasing our own cash resources. It has been a little over a year since we completed the RTO with Blencowe and the Company has made great progress in this time. Our residual holding in the Company is therefore viewed as a core investment, given we see significant upside, not only in the short term given the ongoing drilling campaign and expected results from metallurgical studies this quarter, but more importantly in the longer term where we feel Orom-Cross is positioned to benefit substantially from the burgeoning Electric Vehicle phenomenon"
For further information please contact:
Blencowe Resources Plc Sam Quinn
Investor Relations Sasha Sethi |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250 info@lionsheadconsultants.com
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 Tel: +44(0)20 7330 1883
Jason Robertson jasonrobertson@firstequitylimited.com
Background
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of larger flakes identified from previous work performed. A 21-year Mining Licence was issued by the Ugandan Government in 2019 following extensive historical work on the deposit.
Orom-Cross presents as a large, shallow open pitable deposit, with an estimated resource in excess of 3 billion tonnes of graphite. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.