Arkle Resources PLC Placing to Accelerate Gold and Zinc Exploration (3552W)
17 August 2020 - 10:52PM
UK Regulatory
TIDMARK
RNS Number : 3552W
Arkle Resources PLC
17 August 2020
17th August 2020
Arkle Resources PLC
("Arkle" or the "Company")
Placing to Accelerate Gold and Zinc Exploration
Arkle Resources (AIM:ARK), the Irish Gold and Zinc resources
discovery company, is pleased to announce an oversubscribed placing
of GBP600,000 ("Placing") for 75,000,000 new ordinary shares at a
price of 0.8p per share ("Placing Shares"). The Placing will fully
fund the Company's planned sampling and drilling campaigns through
to the end of 2021 on its gold properties at Mine River and
Donegal. In addition, the funds will be used for the anticipated
2021 drilling programme for zinc in Limerick at the Stonepark Joint
Venture ("JV") and in surrounding areas, as well as for general
corporate activities.
Highlights
-- Oversubscribed placing raised gross cash proceeds of
GBP600,000 at 0.8p per share with a one for one warrant exercisable
at 1.20p each, with a term of 2 years ("Placing Warrants").
-- Capital raised to fund increasing exploration on Arkle's
Irish gold targets at Mine River and Donegal.
-- Mine River and Donegal are two strategic block of licences
100% owned by Arkle. Mine River has a 15 kilometre gold bearing
trend.
-- The funds will also be used for preparation and drilling for
zinc in Limerick at the Stonepark JV and in surrounding areas.
-- Stonepark contains a maiden Inferred Mineral Resource
totalling 5.1 million tonnes at 8.7% zinc and 2.6% lead, occurring
at depths from 190m to 395m below surface. The project lies
adjacent to Glencore's Pallas Green deposit which contains 45.4
million tonnes at 7% zinc and 1% lead, from 300m to 1,300m below
surface.
-- With this funding, Arkle is fully funded through 2021 and
should the Placing Warrants be fully exercised, a further
GBP900,000 in gross proceeds shall be received and Arkle would be
fully funded well into 2022.
John Teeling, Chairman and CEO, commented. "This cash raise
funds our ongoing gold and zinc exploration programmes until the
end of 2021. We have crews working at both Mine River and Donegal
targeting gold while drilling will commence this month on the
Stonepark zinc project. Follow up drilling is anticipated on all
three projects and we look forward to reporting back to
shareholders on the results of those activities."
ADMISSION, WARRANTS AND TOTAL VOTING RIGHTS
The Placing has raised GBP600,000 (before expenses), comprising
75,000,000 new ordinary shares at 0.8p per share. The issue of the
Placing Shares and the possible issue of new Ordinary Shares from
the exercise of the Placing Warrants, are made under the Company's
existing share authorities.
An application will be made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM ("Admission"). It
is expected that Admission will become effective and that dealings
in the Placing Shares on AIM will commence on or around 7 September
2020.
The Placing Warrants will not be admitted to trading on AIM or
any other stock market and will not be transferable. The issue of
the Placing Warrants is subject to Admission.
In accordance with the FCA's Disclosure Guidance and
Transparency Rules, the Company confirms that on completion of the
Placing and following Admission, the Company's enlarged issued
ordinary share capital will comprise 291,044,926 Ordinary
Shares.
The Company does not hold any Ordinary Shares in Treasury.
Therefore, following Admission, the above figure may be used by
shareholders in the Company as the denominator for the calculations
to 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.
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.
In addition, market soundings (as defined in MAR) were taken in
respect of the matters contained in this announcement, with the
result that certain persons became aware of inside information (as
defined in MAR), as permitted by MAR. This inside information is
set out in this announcement. Therefore, those persons that
received inside information in a market sounding are no longer in
possession of such inside information relating to the company and
its securities.
ENDS
Enquiries:
Arkle Resources PLC
John Teeling, Chairman +353 (0) 1 833 2833
Jim Finn, Finance Director +353 (0) 1 833 2833
SP Angel Corporate Finance LLP
Nominated Advisor & Joint Broker
+44 (0) 203 470
Matthew Johnson/Soltan Tagiev 0470
First Equity Limited
Joint Broker
+44 (0) 207 374
Jason Robertson 2212
+44 (0) 207 138
Blytheweigh 3204
Megan Ray
Rachael Brooks
Teneo
Luke Hogg +353 (0) 1 661 4055
Thomas Shorthall +353 (0) 1 661 4055
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END
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