12 Jun 2017 11:00
12 June 2017
Notice of Extraordinary General Meeting
Further to today's earlier announcement, IronRidge Resources Limited ("IronRidge" or the "Company") advises that notice has been given calling an Extraordinary General Meeting ("EGM") of the Company to consider a single resolution seeking Authority to issue shares for potential acquisition of Tekton Minerals Pte Ltd. The EGM has been set for 6 July 2017.
The Resolution to be put to the EGM seeks shareholder approval for the purposes of Rule 6.2(a) of the Company's Constitution to specifically authorise the Directors to issue and allot 10,000,000 Shares to facilitate the acquisition by the Company of the entire issued share capital of Tekton Minerals Pte Ltd (Tekton), as announced this morning.
Under Rule 6.1 of the Constitution, the Company is required to make an offer of equity securities first to existing Shareholders pro rata to their existing holdings (the "Pre-emption Rights"). Rule 6.2(a) enables the issue of equity securities which are wholly paid up otherwise than in cash free of such pre-emption rights where this is approved by an ordinary resolution of the Shareholders.
The Board of the Company believes that:
· Tekton represents exceptional frontier exploration opportunities with first mover access rights to an exciting pipeline of gold projects.
· The acquisition provides IronRidge with 100% ownership of highly prospective frontier gold provinces potentially hosting several multi million ounce gold deposits across the portfolio.
· Tekton brings with it a highly professional and experienced team with a proven track record in target generation, project development, government relations, logistics and security with francophone African expertise.
The IronRidge directors strongly support this resolution and recommend all shareholders vote in favour.
Shareholder Voting
All Shareholders registered as holding ordinary shares of the Company at 10 am (Brisbane, Australia time) on Tuesday 4 July 2017 are entitled to attend and vote at the EGM. Accordingly, transactions registered after that time will be disregarded in determining entitlements to attend and vote at the EGM.
Full Notice of Meeting and Explanatory Memorandum
The Notice of Meeting and Explanatory Memorandum are in the process of being printed and despatched by the Company's share registry, Computershare. An electronic copy of the materials is available via the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7958H_-2017-6-12.pdf
For any further information please contact:
IronRidge Resources Limited | |
Vincent Mascolo (Chief Executive Officer) | Tel: +61 7 3303 0610 |
Nicholas Mather (Executive Chairman) | Tel: +61 7 3303 0610 |
SP Angel Corporate Finance LLP | Tel: +44 (0)20 3470 0470 |
Nominated Adviser and Broker | |
Jeff Keating Caroline Rowe
Yellow Jersey PR Limited Charles Goodwin Harriet Jackson |
Tel: +44 (0) 7544 275882
|
Notes to Editors:
IronRidge Resources is an AIM listed mineral exploration company with frontier assets in both Australia and West Africa, with two province scale projects in Gabon, and promising and advanced titanium and bauxite projects in Queensland Australia. IronRidge's corporate strategy is to create and sustain shareholder value through the discovery of world-class and globally demanded commodities.
Australia
Monogorilby is prospective for province scale titanium and bauxite with an initial maiden resource of 54.9MT of premium DSO bauxite Monogorilby is located in central Queensland, within a short trucking distance of the rail system leading north to the Port of Bundaberg. It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.
May Queen is located in Central Queensland within IRRs wholly owned Monogorilby license package and is highly prospective for gold. Historic drilling completed during the 1980s intersected multiple high-grade gold intervals including 2m @ 73.4 g/t Au (including 1m at 145g/t), 4m @ 38.8g/t Au (at end of hole) and 3m @ 18.9g/t Au, over an approximate 100m strike hosting numerous parallel vein systems, open to the north-west and south-east.
Wholly owned Quaggy contains highly anomalous platinum, palladium, nickel, cobalt and copper exploration targets and is located in Central Queensland within a short trucking distance of the dormant rail system to the Port of Bundaberg. It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.
Gabon
Tchibanga is located in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline. This project comprises two exploration licenses, Tchibanga and Tchibanga Nord, which cover a combined area of 3,396km2 and include over 90km of prospective lithologies and the historic Mont Pele iron occurrence.
Belinga Sud is Located in the north east of Gabon in the Ogooue-Ivindo Province, approximately 400km east of the capital city of Libreville. IRR's licence lies between the main Belinga Iron Ore Deposit, believed to be one of the world's largest untapped reserves of iron ore with an estimated 1bt of iron ore at a grade >60% Fe, and the route of the Trans Gabonese railway, which currently carries manganese ore and timber from Franceville to the Port of Owendo in Libreville.
Chad
The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 1,000km2 of highly prospective gold and other mineral projects in Chad, Central Africa. IronRidge acquired 100% of Tekton including its projects and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and Ade licenses, which host multiple, large scale gold projects. Initial trenching results at Dorothe, including 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining over a confirmed 1km strike at an average of 2m and up to 5m true width across multiple stacked vein zones over a 250m wide zone with new hard-rock artisanal workings potentially extending strike to >3km.
Ghana
The Company entered into conditional joint venture arrangements with Obotan Minerals Limited, Merlink Resources Limited and Barari Developments Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium resource, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements. The portfolio covers some 314km2 with a further identified 20km strike of pegmatite vein swarms, tenure package is also highly prospective for tin, tantalum, niobium and gold which occur as accessory minerals within the pegmatites and host formations.
Ivory Coast
The Company entered into conditional joint venture arrangements in Ivory Coast, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,110km2 and 400km2 area respectively. The projects are well located within access of an extensive bitumen road network and along strike from multi-million ounce gold projects and mines.
Corporate
IronRidge made its AIM debut in February 2015, successfully securing strategic alliances with three international companies; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia. Assore is a high- grade iron, chrome and manganese mining specialist. Sumitomo Corporation is a global resources, mining marketing and trading conglomerate. DGR Global is a project generation and exploration specialist.