TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
9 April 2018
Armadale Capital Plc ('Armadale' or 'the Company')
Placing to Raise GBP963,500
Armadale, the AIM quoted investment company focused on natural
resource projects in Africa, announces that it has raised
GBP963,500 through the placing of 58,393,941 new ordinary shares of
0.1 pence each ('Ordinary Shares') in the capital of the Company
(the 'Placing Shares') at a price of 1.65 pence per Ordinary Share
with new and existing investors in the UK and Australia (the
'Placing'). The funds raised will be used to commence work on a
feasibility study at the Mahenge Liandu Graphite Project in
Tanzania, ahead of an intended decision to mine in early 2019,
together with funding working capital requirements.
Armadale also announces the immediate appointment of SVS
Securities Limited ('SVS') as joint broker to the Company following
SVS's significant contribution to today's Placing.
Nick Johansen, Director of Armadale said: "Our recently
published Scoping Study at Mahenge Liandu established our project
as a high value, low capex development asset, boasting an NPV of
US$349 million, IRR of 122% and 1.2-year payback period, with
potential to be fast-tracked into production in a short timeframe.
Coupled with the highly encouraging test results received from bulk
sample test work, which produced graphite concentrates with
exceptional purity of up to 99.1% total graphitic carbon, the
development value of Mahenge Liandu is evident, and it is with this
in mind that I am delighted to report that our feasibility study
will be able to commence in earnest following today's raising.
"I would like to thank the new and existing investors who
participated in this placing and I look forward to issuing further
updates regarding our development initiatives at Mahenge Liandu
over the coming months as we work towards a decision to mine in
early 2019. Importantly, it is worth noting that certain members of
the board and senior management have participated in this placing,
which both highlights our enthusiasm for this project and
underlines our confidence in its value accretion potential moving
forward."
Details of the Placing:
The Placing is subject, inter alia, to admission of the Placing
Shares to trading on AIM ('Admission'), which is expected to occur
at 8.00 a.m. on 13 April 2018. Application has been made to the
London Stock Exchange for the Placing Shares to be admitted to
trading on AIM. The Placing Shares will, when issued, rank pari
passu in all respects with the Company's existing Ordinary
Shares.
Following Admission, the Company therefore will have 303,033,975
Ordinary Shares in issue. The Company has no shares in treasury,
therefore the figure of 303,033,975 should 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 of their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
Director and PDMR Dealing and Related Party Transactions
Nicholas Johansen (Director of the Company), Matt Bull
(Technical Manager of the Company and a "person discharging
managerial responsibility") and Kabunga Holdings Pty Ltd (a
"substantial shareholder" of the Company as defined in the AIM
Rules) are participating in the Placing as follows:
Name Current % of existing Number of Number of % of issued
number number Placing Ordinary share
of of Ordinary Shares Shares capital as
Ordinary Shares subscribed held enlarged
Shares for post-Admission by the
held Placing
Nicholas 800,000 0.3% 1,212,122 2,012,122 0.7%
Johansen
Matt Bull 13,683,852 6.5% 10,000,000 23,683,852 8.6%
Kabunga 29,243,749 12.0% 5,212,122 34,455,871 11.4%
Holdings
Pty Ltd
Nicholas Johansen and Kabunga Holdings Pty are related parties
of the Company (as defined in the AIM Rules for Companies). The
Independent Director, being Steve Mahede, considers, having
consulted with the Company's nominated adviser, finnCap, that the
terms of Nicholas Johansen's and Kabunga Holdings Pty Ltd's
participation in the Placing are fair and reasonable insofar as the
Company's shareholders are concerned.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
**ENDS**
Enquiries:
Armadale Capital Plc +44 20 7236 1177
Tim Jones, Company Secretary
Nomad and broker: finnCap Ltd +44 20 7220 0500
Christopher Raggett / Simon Hicks
Joint Broker: SVS Securities +44 20 3700 0093
Tom Curran / Ben Tadd
Press Relations: St Brides Partners Ltd +44 20 7236 1177
Susie Geliher / Charlotte Page
Notes
Armadale Capital Plc is focused on investing in and developing a
portfolio of investments, targeting the natural resources and/or
infrastructure sectors in Africa. The Company, led by a team with
operational experience and a strong track record in Africa, has a
strategy of identifying high growth businesses where it can take an
active role in their advancement.
The Company owns the Mahenge Liandu graphite project in
south-east Tanzania, which is now its main focus. The Project is
located in a highly prospective region with a high-grade JORC
compliant Indicated and inferred mineral resource estimate of
51.1Mt @ 9.3% TGC, making it one of the largest high-grade
resources in Tanzania, and work to date has demonstrated Mahenge
Liandu's potential as a commercially viable deposit with
significant tonnage, high-grade coarse flake and near surface
mineralisation (implying a low strip ratio) contained within one
contiguous ore body.
Other assets Armadale has an interest in, include the Mpokoto
Gold project in the Democratic Republic of Congo and a portfolio of
quoted investments.
More information can be found on the website
www.armadalecapitalplc.com.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Nicholas Johansen
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Armadale Capital plc
b) LEI 213800495EK876JETD10
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary shares of 0.1 pence each ("Ordinary Shares")
Identification code ACP GB00BYMSY631
b) Nature of the transaction Subscription for Ordinary Shares
c) Price(s) and volume(s) Volume - 1,212,122 ordinary shares
Price - 1.65 pence
d) Aggregated information: See 4c) above
Aggregated volume
Price
e) Date of the transaction 8 April 2018
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Matt Bull
2. Reason for the Notification
a) Position/status Technical Director
b) Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Armadale Capital plc
b) LEI 213800495EK876JETD10
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary shares of 0.1 pence each ("Ordinary Shares")
Identification code ACP GB00BYMSY631
b) Nature of the transaction Subscription for Ordinary Shares
c) Price(s) and volume(s) Volume - 10,000,000 ordinary shares
Price - 1.65 pence
d) Aggregated information: See 4c) above
Aggregated volume
Price
e) Date of the transaction 8 April 2018
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180409005543/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
April 09, 2018 06:00 ET (10:00 GMT)
Armadale Capital (LSE:ACP)
Historical Stock Chart
From Apr 2024 to May 2024
Armadale Capital (LSE:ACP)
Historical Stock Chart
From May 2023 to May 2024