Blencowe Resources PLC Issue of Equity (2663B)
06 October 2020 - 10:59PM
UK Regulatory
TIDMBRES
RNS Number : 2663B
Blencowe Resources PLC
06 October 2020
Date: 6 October 2020 Blencowe Resources Plc
("Blencowe" or the "Company")
Issue of Equity
The Company is pleased to announce that certain project
contractors have requested to receive shares, rather than cash, in
lieu of fees payable. The Company will issue a total of 3,339,806
new ordinary shares in the Company ("New Ordinary Shares") at a
price of 5.15p per share (being the closing price as at Monday 5
October 2020.
An application has been made for the New Ordinary Shares to be
admitted to trading on the London Stock Exchange with effect from
8.00a.m. on 12 October 2020 ("Admission").
In accordance with the FCA's Disclosure Guidance and
Transparency Rules, the Company confirms that following Admission,
the Company's enlarged issued ordinary share capital will comprise
101,673,132 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.
For further information please contact:
Blencowe Resources Plc
Sam Quinn (London Director)
www.blencoweresourcesplc.com
Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Investor Enquiries
Sasha Sethi Tel: +44 (0) 7891 677 441
Email: sasha@flowcomms.com
Brandon Hill Capital Limited Tel: +44 (0)20 3463 5000
Jonathan Evans (Corporate Finance) jonathan.evans@brandonhillcapital.com
Background
Orom-Cross is a potential world class graphite project both by
size and end-product quality, with a high component of larger
flakes identified from previous work performed. A 21-year Mining
Licence was issued by the Ugandan Government in 2019 following
extensive historical work on the deposit.
Orom-Cross presents as a large, shallow open pitable deposit,
with an estimated resource in excess of 3 billion tonnes of
graphite. Development of the resource is expected to benefit from a
low strip ratio and free dig operations, thereby ensuring lower
operating and capital costs.
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END
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