Zanaga Iron Ore Company Limited Regulatory News (ZIOC)

14 December 2023

Shard Facility - Tranche 1 completed & Tranche 2 subscription

Zanaga Iron Ore Company ("ZIOC" or the "Company") (AIM:ZIOC) announces that, further to the announcement dated 3 July 2023 in relation to the Subscription Agreement with Shard Merchant Capital Ltd ("SMC"), ZIOC is pleased to report that the first tranche of 12 million ordinary shares of no par value in the Company ("Ordinary Shares") issued pursuant to the Subscription Agreement have been successfully placed by SMC. As provided for in the Subscription Agreement, SMC has now subscribed for the second tranche of 12 million Ordinary Shares ("Second Tranche Subscription Shares"), conditional on admission of those shares to trading on AIM ("Admission").

ZIOC received net proceeds of approximately £777,289 in aggregate in relation to the placing by SMC of the first tranche of 12 million Ordinary Shares under the Subscription Agreement.

The Company has submitted an application for Admission and Admission is expected to take place on 18 December 2023. The Second Tranche Subscription Shares will rank pari passu with the Company's existing Ordinary Shares from Admission. The Company does not hold any shares in treasury and therefore, following Admission, the total number of Ordinary Shares and voting rights in the Company will be 644,989,909.

This figure of 644,989,909 Ordinary Shares 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 FCA's Disclosure Guidance and Transparency Rules.

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR 

The Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.

For further information, please contact:

Zanaga Iron Ore

Corporate Development and Andrew Trahar

Investor Relations Manager +44 20 7399 1105

Liberum Capital Limited

Nominated Adviser Scott Mathieson, Kane Collings

and Corporate Broker +44 20 3100 2000