TIDMCHF
RNS Number : 9479H
Chesterfield Resources PLC
08 December 2020
Chesterfield Resources Plc / EPIC: CHF / Market: LSE / Sector:
Mining
8 December 2020
GBP2.5m Gross Fundraising and
Publication of Prospectus
Chesterfield Resources Plc (the "Company") is pleased to
announce that, further to its announcement on 26 November 2020, it
has raised gross proceeds of GBP2,500,000 from the conditional
issue and allotment of 27,777,778 new ordinary shares at an issue
price of GBP0.09 per share ("Fundraising") and the publication of a
prospectus, as approved by the Financial Conduct Authority, in
connection with the Fundraising (the "Prospectus").
The Company has raised gross proceeds of GBP2.5m from the
following sources:
-- GBP2,100,000 from the issue and allotment of 23,333,334
ordinary shares to Polymetal International in accordance with its
investment commitment as described in the announcement made by the
Company on 26 November 2020
-- GBP100,000 from the issue and allotment of 1,111,111 ordinary
shares to placees, in respect of a placing undertaken by Fox-Davies
Capital Limited
-- GBP300,000 from the issue and allotment of 3,333,333 ordinary
shares to subscribers, in accordance with direct subscription
letters with the Company
A total of 27,777,778 new ordinary shares (the "placing shares")
in the capital of the Company will be admitted to trading and
admission of the placing shares is expected to take place at 8.00
a.m. on Friday, 11 December 2020 ("Admission"). The Fundraising is
conditional only on Admission.
In connection with the Fundraise, the Company will be grant
Fox-Davies Capital Limited 55,556 warrants with a exercise price of
GBP0.09, vesting upon Admission and expiring on the fifth
anniversary of Admisison.
Further information related to the Fundraising is set out in the
Prospectus, which can be accessed electronically from the Company's
website at
https://www.chesterfieldresourcesplc.com/investors/reports/ and at
the National Storage Mechanism website at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
On Admission, the Company's issued share capital will consist of
101,711,112 ordinary shares and a total of 2,000,000 deferred
shares (the deferred shares of the Company are not traded and no
application will be made for such shares to be admitted to trading
on the Main Market). The Company does not hold any Ordinary Shares
in Treasury. The total voting rights from Admission will therefore
be 101,711,112 ordinary shares. This figure above may be used by
shareholders as from 11 December 2020 as the denominator for the
calculations by which they determine if they are required to notify
their interest in, or change to their interest in, the Company
under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
Follow us on Twitter at @ChesterfieldPlc
About Chesterfield Resources
Chesterfield Resources is a copper-gold exploration company
active in Cyprus, where it holds the largest mineral exploration
licence area of any operator on the island. Polymetal
International, the FTSE 100 mining group, recently announced it had
taken a 22.5% strategic investment in Chesterfield via a placing of
new shares.
Cyprus is regarded as a good quality exploration location. It is
a member of the EU, and its legal system is based on English common
law. There has been minimal exploration activity on the island in
the last 46 years since the invasion by Turkey in 1974 put a halt
to what had been a very active mining industry.
Since that time, exploration technology and geological knowledge
has improved significantly. The company is exploring for VMS
(Volcanognic Massive Sulphide) deposits, which typically occur in
stacks and clusters. Historically only those deposits which were
visible from surface have been mined. It is believed that many more
deposits remain undiscovered buried near surface, and the company
is using modern techniques to locate them.
While copper is the main exploration target, it is noteworthy
that gold was not historically exploited in Cyprus as its price was
pegged to just $35 per ounce when the mining industry was active in
the 1960s and 1970s (less than 50 times today's price). Gold has
been encountered in several locations in the exploration target
area and is an important part of the exploration objective.
The exploration team is led by three very senior geologists:
Neil O'Brian, formally Head of Exploration, Lundin Mining, Dave
Cliff, previously Head of Exploration Europe, Rio Tinto, and Mike
Parker, previously a senior geologist with First Quantum Mining
The current focus of exploration is in the Troodos West group of
licences belonging to the company, with around 30 defined targets
in an area measuring 10km by 10km. The objective is to discover
several VMS deposits in close proximity to each other to create a
mining project with a centralised processing unit.
Chesterfield Resources is committed to world-class environmental
standards in all of its operations to mine copper, which is
essential to developing clean technology projects worldwide. The
company hopes to develop industry and opportunities for the benefit
of the Republic of Cyprus.
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 visit
www.Chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44 (0)7901 552277
Fox-Davies Capital Limited
(Broker): Tel: +44 ( 0)20 3884 8450
Daniel Fox-Davies
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