Erris Resources PLC Placing to Further Develop the Loch Tay Project (9385L)
05 May 2020 - 7:21PM
UK Regulatory
TIDMERIS
RNS Number : 9385L
Erris Resources PLC
05 May 2020
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
Erris Resources plc / EPIC: ERIS.L / Market: AIM / Sector:
Mining
5 May 2020
Erris Resources plc
("Erris Resources" or the "Company")
Placing to Further Develop the Loch Tay Gold Project
Erris Resources, the European focused mineral exploration
company, is pleased to announce that it has raised approximately
GBP0.33 million, before expenses, through a placing of 7,767,357
new ordinary shares in the Company ('Placing Shares') at a price of
4.25 pence per share (the 'Placing'). The net proceeds of the
Placing will primarily be used to advance high-grade gold targets
at the Company's Loch Tay Gold Project in Scotland, once the
restrictions that have been put in place as a result of the
Covid-19 pandemic have been lifted.
The proposed work includes a major soil sampling campaign over
the Lead Trial - Dunan and Glen Almond target areas with ongoing
licence wide sampling and geological mapping. These works aim to
finalise the selection of prospective drill targets for testing
before year-end subject to timing on easing of Covid-19
restrictions. Erris and its Loch Tay option agreement partner,
GreenOre, have agreed to temporarily halt the earn-in period so no
time will be lost as a result of the lockdown measures. From
recommencement of work, Erris will have three years and eight
months remaining on the earn-in period.
The Placing Shares will be issued utilising the Company's
existing share authorities to issue new Ordinary Shares on a
non-pre-emptive basis.
Erris Resources CEO, David Hall commented: "Securing these funds
from new and existing shareholders is an endorsement of the
opportunity that the Loch Tay Project offers. The Project area is
highly prospective and lies within the Grampian Gold Belt, which
hosts significant gold deposits such as Curraghinalt and Cononish.
We are delighted to have the opportunity to rapidly develop the
Project with this additional funding that will allow us to define
drill targets for early testing.
"We are thankful for the support that we have received both from
new and existing shareholders and I look forward to providing
further updates on our progress. We have also appointed Turner Pope
as our sole corporate broker going forward and would like to thank
Shard Capital for all their support since before our IPO in
2017."
AIM Rule 17
Pursuant to AIM Rule 17, David Hall's shareholding in the
Company remains at 6,827,000 Ordinary Shares but upon Admission,
will represent 17.58% of the Company's then issued share
capital.
Admission to AIM and Total Voting Rights
Application will be made for the Placing Shares to be admitted
to trading on AIM ("Admission") and it is expected that Admission
will become effective on or around 11 May 2020. The Placing Shares
will rank pari passu with the existing ordinary shares of 1 pence
each ("Ordinary Shares").
Following Admission, the Company will have 38,836,787 ordinary
shares of 1 pence each in issue, each with one voting right. There
are no shares held in treasury. Therefore, the Company's total
number of ordinary shares and voting rights is 38,836,787. This
figure may be used by shareholders from Admission as the
denominator for the calculations by which they will 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.
*ENDS*
For further information visit www.errisresources.com or
contact:
David Hall/Aiden Lavelle Erris Resources plc +353 (0) 94 902 8481
Allenby Capital (Nominated
David Hart/Liz Kirchner Adviser) +44 (0) 20 3328 5656
Turner Pope Investments
Zoe Alexander/Andy (TPI) Ltd
Thacker (Broker) +44 (0) 20 3657 0050
Isabel de Salis/Beth St Brides Partners (Financial
Melluish PR) +44 (0) 20 7236 1177
Notes
Erris Resources plc (EPIC: ERIS.L) is an AIM quoted, European
focused, discovery driven consulting and exploration company,
supported by the Canadian mining major, Osisko Gold Royalties,
which has a 18.9% interest in the Company. The Company has a
portfolio of gold projects in Scotland, Sweden and Norway and zinc
and base metals assets in Ireland, which it is looking to further
build on. Led by a highly qualified team with extensive corporate
and sector experience, Erris's strategy is to create shareholder
value through commercial discovery of base or precious metal assets
in proven mineral districts and in favourable European
jurisdictions.
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.
END
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