TIDMAAZ
RNS Number : 5550W
Anglo Asian Mining PLC
23 December 2021
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
23 December 2021
Anglo Asian Mining plc
Strategic investment of 19.9 per cent. in Libero Copper &
Gold Corporation
Subscription for 12.6 million new shares for CAN$6.3 million
(US$4.9 million)
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer primarily focused in
Azerbaijan, is pleased to announce that it has entered into a
subscription agreement ("Subscription Agreement") to acquire 19.9
per cent. of Libero Copper & Gold Corporation ("Libero").
Libero is listed on the TSX Venture Exchange (ticker: LBC) in
Canada and owns, or has the option to acquire, several copper
exploration properties in North and South America including Mocoa
in Colombia, one of the world's largest undeveloped
copper-molybdenum resources. The acquisition is in line with the
Company's strategy of increasing its interests in copper and gold
properties both in Azerbaijan and Internationally.
All references to "US$" are to United States dollars and all
references to "CAN$" are to Canadian dollars. An exchange rate of
US$1 = CAN$1.29 has been used throughout.
Highlights
-- Strategic interest of 19.9 per cent. to be acquired in Libero
for CAN$6.3 million (US$4.9 million)
o 9.9 per cent. acquired immediately upon the closing of the
Subscription Agreement at approximately 11 am (Pacific Standard
Time) on 22 December 2021
o Acquisition of the remaining 10 per cent. is subject to the
regulatory approval of the TSX Venture Exchange ("TSXV") with
completion expected in the first quarter of 2022
-- Strategic partnership established with Libero
o Libero recognises Anglo Asian's strong technical experience
and a technical committee with representatives from both companies
is being established to determine Libero's future exploration
strategies
o Funds invested by Anglo Asian in Libero will primarily be used
for the exploration of the Mocoa project
o Anglo Asian will nominate one of its existing board members to
be appointed as a director to the board of Libero
-- Libero has an extremely attractive portfolio of exploration
assets in mining-friendly jurisdictions in North and South
America
o Mocoa - a porphyry copper-molybdenum deposit located in
Putumayo, Colombia
o Big Bulk - a porphyry copper-gold target located 50 kilometres
southeast of Stewart, British Columbia, Canada
o Big Red - a new porphyry copper-gold discovery in the Golden
Triangle, British Columbia, Canada
o Esperanza - a porphyry copper-gold and epithermal gold project
located in the Huachi mining district, San Juan province,
Argentina
-- Libero has a highly experienced and competent management team
-- Libero has strong relationships with local communities across
its geographies and is committed to maintaining its social licence
to operate
Transaction Overview
-- 19.9 per cent. interest to be acquired in Libero
o A total of 12,600,000 new shares to be subscribed for in
Libero at CAN$ 50 cents per share (the "Shares"), a total
investment of CAN$6.3 million (US$4.9 million) by way of a private
placement
-- 5,600,000 Shares for an initial 9.9 per cent. interest in
Libero acquired immediately on the closing of the Subscription
Agreement for CAN$2.8m (US$2.2m)
-- 7,000,000 Shares for a total interest of 19.9 per cent. to be
acquired for CAN$3.5m (US$2.7m) following regulatory approval of
the TSXV with completion expected in the first quarter of 2022
o Each Share has half a warrant attached giving a total of
6,300,000 million warrants to subscribe for new Shares of Libero at
CAN$ 75 cents (the "Warrants")
-- Warrants are exercisable for two years from the date of issue
of each tranche of the Shares
-- Libero has the right to demand exercise of the Warrants
within 30 days if the closing price of the Shares in Libero remain
above CAN$1.00 for 10 consecutive trading days
-- The Shares issued are subject to a four month statutory hold period
-- Anglo Asian has been granted a comprehensive package of
participation rights over future share issues of Libero to avoid
any dilution of its shareholding
-- "Piggyback" rights (the "Rights") have been granted to Anglo Asian
o Rights become effective on the fifth anniversary of the
signing the Subscription Agreement
o Rights will enable Anglo Asian to sell its shares to the
public as a secondary offering should Libero sell future shares by
way of a prospectus
-- Anglo Asian's right to nominate one director to the board of
Libero, its participation in the technical committee and its
participation rights are conditional upon it maintaining a 9.9 per
cent. shareholding in Libero
-- Libero has committed to place before, and recommend, a
resolution to its next Annual General Meeting to approve Anglo
Asian becoming a "Control Person" within the TSXV rules, permitting
Anglo Asian to increase its shareholding above 20 per cent. to
enable the exercise of its Warrants
Anglo Asian CEO Reza Vaziri commented:
"I am delighted to announce the agreement to acquire a 19.9 per
cent. shareholding in Libero, our first investment outside of
Azerbaijan. This strategic investment is aligned with our broader
growth strategy to build upon our deep technical knowledge of the
mining industry and expand our involvement in mining beyond our
core focus in Azerbaijan. It continues to enhance our exposure to
significant copper properties without weakening the Company's
balance sheet.
"I would also like to thank the staff of both Libero and Anglo
Asian and their professional advisors who worked tirelessly to
close this investment before the end of 2021. This was necessary to
enable Libero to maintain the momentum of its Mocoa drilling
programme."
Anglo Asian Vice-President, Stephen Westhead commented:
"Libero has an extremely exciting portfolio of assets for
exploration and development, and in particular, we believe that the
Mocoa project with its promising copper resource has the potential
to become a major copper mine. The other assets in Libero's
portfolio also have significant exploration and development
potential to be major contributors to Anglo Asians's growth.
"We are pleased to be launching technical collaboration between
our companies. We look forward to working closely with Libero on
its future exploration and development programmes to maximise the
shareholder value of both companies."
Libero President & CEO, Ian Harris commented:
" Our focus has always been investing our exploration dollars
into projects that have the potential to become future copper mines
and having a mine builder mentality to advance and de-risk our
projects as quickly as possible. We are elated to now have Anglo
Asian Mining as a partner. An experienced partner that has built
and is operating existing mines. I have personally visited their
mines and can attest to the efficiency of the operations, the
technical knowledge of their team and their ability to nimbly
adapt. We look forward to tapping into that know-how to incorporate
it into our plans and strategy as we continue to advance three
significant projects, each with the potential to become future
copper mines."
Libero Copper & Gold Corporation
Libero is a holding company incorporated in British Columbia,
Canada with its head office in Vancouver, British Columbia. It has
a very experienced and seasoned board of directors and management
team and its Executive Chairman is Ian Slater, who has founded
numerous companies and been involved in the Mining industry for 25
years. The Company's management team is led by Ian Harris, Chief
Executive Officer and President, who is a mining engineer with over
20 years' experience leading mining projects worldwide including
over 10 years working and living in South America. Libero is listed
on the Toronto Venture Exchange (ticker: LBC). For further
information, visit: https://www.liberocopper.com
Libero holds a collection of porphyry copper deposits throughout
the Americas in prolific mineral regions in mining-friendly, stable
jurisdictions. Its mining properties include:
Mocoa
Mocoa is a porphyry copper-molybdenum deposit located in
Putumayo, Colombia in the Jurrasic porphyry belt which extends
through Ecuador and Colombia and includes the Mirador mine and
Waritza deposit. A pit-constrained NI 43-101 compliant resource at
Mocoa contains 636 million tonnes of 0.45 per cent. copper
equivalent* at a 0.25 per cent. cut-off grade containing 4.6
billion pounds of copper and 511 million pounds of molybdenum.
Mocoa is open in both directions, along strike and at depth. Libero
recently completed high-resolution airborne magnetic-radiometric
and LiDAR surveys over an 8,100 hectare area at the property and
interpretation of these data is currently focusing on identifying
potential extensions to the north, south, east, and at depth, of
the deposit and targeting new potential porphyry centers. A
drilling campaign is currently being organised and Libero has
recently signed access and land use agreements with all landowners
required to provide easier access to the Mocoa porphyry
copper-molybdenum project deposit area. It is expected that
drilling will commence in Q1 2022.
*Copper equivalent grades are for comparative purposes only.
Calculations are uncut and recovery is assumed to be 100 per cent.
as insufficient metallurgical data is available. Metal price used
to calculate are in United States dollars: Copper: $3.00/lb;
Molybdenum: $10.00/lb.
Big Bulk
Big Bulk is a porphyry copper-gold target located 50 kilometres
southeast of Stewart, British Columbia, Canada. Big Bulk is fully
permitted. In September 2021, the Company completed a 2,000 metre
diamond drill programme at Big Bulk.
Big Red
Big Red is a new porphyry copper-gold discovery in the Golden
Triangle, British Columbia, Canada - a geological province famous
for its prodigious gold and copper mineralisation. The initial
drill programme was completed during the 2020 field season
resulting in the Terry discovery. Four holes were drilled at the
end of the season and each of the holes was mineralised from
surface to end of hole. In October 2021 the Company completed an
initial 5,000 metre diamond drill programme.
Esperanza
Esperanza is a porphyry copper-gold and epithermal gold project
located in the prolific precious and base metal endowed Huachi
mining district, San Juan province, Argentina.
Competent Person Statement
Thomas Mumford, Ph.D., P.Geo, a qualified person under National
Instrument 43-101, is the Qualified Person responsible for the
technical content of this announcement in connection with the Mocoa
resource and has reviewed and approved it accordingly. Thomas
Mumford is the Chief Executive Officer of Serac Exploration
Limited, a technical services company, working for Libero Copper
& Gold Corporation. Thomas Mumford consents to the inclusion in
the announcement of the matters based on his information in the
form and context in which it appears. Thomas Mumford has sufficient
experience, relevant to the style of mineralisation and type of
deposit under consideration and to the activity that he is
undertaking, to qualify as a "qualified person" as defined by the
AIM Rules.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Tel: +994 502 910
Bill Morgan Anglo Asian Mining plc 400
--------------------------- ----------------------
Tel: +994 502 916
Stephen Westhead Anglo Asian Mining plc 894
--------------------------- ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and
Broker
--------------------------- ----------------------
Adam Cowl SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
Nominated Adviser and
Broker
--------------------------- ----------------------
Charlie Jack Hudson Sandler Tel: +44(0) 20 7796
4133
--------------------------- ----------------------
Elfie Kent Hudson Sandler Tel: +44(0) 20 7796
4133
--------------------------- ----------------------
Notes to editors:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer in Central Asia with a broad portfolio of production and
exploration assets in Azerbaijan. The Company produced 67,249 gold
equivalent ounces ("GEOs") for the year ended 31 December 2020. The
Company has a production target for the year to 31 December 2021 of
48,000 ounces to 54,000 ounces of gold and 2,500 tonnes to 2,800
tonnes of copper. This total production target expressed as gold
equivalent ounces ("GEOs") at budgeted prices is between 64,000
GEOs and 72,000 GEOs.
The Company has recently announced a transaction with the
Government of Azerbaijan which grants it three additional
concessions with a combined area of 882 square kilometers which
include the Garadagh porphyry copper deposit with a Soviet
classified resource of over 300,000 tonnes of copper. The
transaction is subject to ratification by the parliament of
Azerbaijan.
https://www.angloasianmining.com/
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
ACQFLFIAFELFFIL
(END) Dow Jones Newswires
December 23, 2021 01:59 ET (06:59 GMT)
Anglo Asian Mining (LSE:AAZ)
Historical Stock Chart
From Apr 2024 to May 2024
Anglo Asian Mining (LSE:AAZ)
Historical Stock Chart
From May 2023 to May 2024