TSX: ASO
AIM: ASO
TORONTO, Aug. 8, 2017 /CNW/ - Avesoro Resources Inc.
("Avesoro" or the "Company"), the TSX and AIM listed West African
gold producer, provides the following clarifications as to the
Directors' and significant shareholder's holdings in the
Company.
As at the date of his appointment to the Board on 15 July 2016, Mr Mehmet
Gűnal, Non-Executive Chairman of the Company (the
"Chairman"), held no common shares in the Company ("Shares") in his
own name and through his shareholding in MNG Gold Jersey Limited
(renamed Avesoro Jersey Ltd, "Avesoro Jersey") had an indirect
beneficial interest in 602,622,410 Shares representing
approximately 50.1 per cent of the Company's issued share capital.
As at the date of his appointment to the Board on 15 July 2016, Mr Serhan
Umurhan, Chief Executive Officer of the Company (the
"CEO"), held no Shares in his own name and through his shareholding
in Avesoro Jersey had an indirect beneficial interest in 19,866,673
Shares representing approximately 1.7 per cent of the
Company's issued share capital.
On 29 July 2016 following a
corporate restructuring of Avesoro Jersey and its holding
company, ultimate control of Avesoro Jersey was transferred
from the Chairman to Mr Murathan
Gűnal, his adult son. Following this restructuring, Mr
Murathan Gűnal held an indirect beneficial interest in
642,355,756 Shares representing approximately 53.4 per cent of the
Company's issued share capital and Mr Mehmet Gűnal no longer had any interest in the
Shares. The CEO maintained his 1.7 per cent indirect
beneficial interest in the Shares.
On 31 October 2016, the indirect
beneficial ownership of Avesoro Jersey changed, such that Mr
Murathan Gűnal decreased his
indirect beneficial interest in the Shares to 622,489,083 Shares
representing approximately 51.7 per cent of the Company's issued
share capital. The CEO maintained his 1.7 per cent indirect
beneficial interest in the Shares.
Upon completion of a fundraise by the Company on 6 December 2016, Avesoro Jersey increased its
shareholding in the Company by 3,250,000,000 Shares to
3,912,222,429 Shares representing approximately 73.5 per cent of
the Company's issued share capital. As a result, Mr
Murathan Gűnal's indirect beneficial
interest in the Shares increased to 3,677,489,083 Shares
representing approximately 69.1 per cent of the Company's issued
share capital and the CEO's indirect beneficial interest in the
Shares increased to 117,366,673 Shares representing approximately
2.2 per cent of the Company's issued share capital.
As at the date of this announcement, the beneficial interests of
the aforementioned individuals in the Shares are:
Individual
|
Direct
holding
|
Indirect
holding
|
Total beneficial
holding
|
Mr Mehmet Gűnal
(Non-Executive Chairman)
|
0
|
0
|
0
|
Mr Murathan
Gűnal
|
0
|
3,677,489,083
(69.1%)
|
3,677,489,083
(69.1%)
|
Mr Serhan Umurhan
(Chief Executive Officer)
|
8,010,0001
(0.15%)
|
117,366,673
(2.2%)
|
125,376,673
(2.35%)
|
_________________________________
1 As disclosed by the Company on 6
December 2016.
About Avesoro Resources Inc.
The Company's assets include the New Liberty Gold Mine in
Liberia (the "New Liberty Gold
Mine," "New Liberty" or the "mine") which has an estimated proven
and probable mineral reserve of 8.5 Mt with 924,000 ounces of gold
grading 3.4 g/t and an estimated measured and indicated mineral
resource of 9,796 Kt with 1,143,000 ounces of gold grading 3.63 g/t
and an estimated inferred mineral resource of 5,730 Kt with 593,000
ounces of gold grading 3.2 g/t. A Definitive Feasibility
Study ("DFS") has been completed, the first gold pour has taken
place and commercial production has been declared. The
foregoing mineral reserve and mineral resource estimates and
additional information in connection therewith are set out in the
Company's technical report dated March 25,
2015 and entitled "New Liberty Gold Project, Bea Mountain
Mining Licence Southern Block, Liberia, West
Africa, Definitive Project Plan.
The New Liberty Gold Mine is located within the Southern Block
of the 100% owned Bea Mountain mining licence. This licence
covers 478 km² and has a 25 year, renewable, mineral development
agreement. The Bea Mountain mining license also hosts
additional gold projects of Ndablama, Gondoja, Weaju and Leopard
Rock which are the focus of exploration programs during 2016.
Ndablama has an indicated mineral resource of 386,000 ounces of
gold grading 1.6 g/t and inferred mineral resource of 515,000
ounces of gold grading 1.7 g/t and Weaju has an inferred mineral
resource of 178,000 ounces of gold grading 2.1 g/t. The
Yambesei (473 km2), Archaen West (56 km2),
Mabong (36.6 km2) and Mafa West (15.6 km2)
licences will also be subject to preliminary reconnaissance
geological work. The foregoing mineral resource estimates and
additional information in connection therewith are set out in the
Company's technical report dated December 1,
2014 and entitled "Ndablama and Weaju Gold Projects, Bea
Mountain Mining Licence, Northern Block, Technical Report on
Mineral Resources" ("Ndablama and Weaju Technical Report
2014").
The Company also has a gold exploration permit in Cameroon.
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
|
Mehmet Nazif
Gűnal
|
2
|
Reason for the
notification
|
a)
|
Position/status
|
Director and Non-
Executive Chairman
|
b)
|
Initial notification/
Amendment
|
Initial
notification
|
3
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
a)
|
Name
|
Avesoro Resources
Inc.
|
b)
|
LEI
|
N/A
|
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
Identification
code
|
Common shares of no par value ("Shares")
ISIN for Avesoro Resources Inc. common shares:
CA05366A1049
|
b)
|
Nature of the
transaction
|
1) Indirect
beneficial interest in the Shares acquired pursuant to the
subscription of Shares by Avesoro Jersey Ltd
2) Disposal of
indirect beneficial interest in the Shares pursuant to the disposal
of shares in Avesoro Jersey Ltd
|
c)
|
Price(s) and
volume(s)
|
Price(s)
|
Volume(s)
|
1) 3.21p
|
1)
602,622,410
|
2) *
|
2)
602,622,410
|
* N/A Disposal of
shares in Avesoro Jersey Ltd at nominal value
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
See 4 c)
above
|
e)
|
Date of the
transaction
|
1) 15 July
2016 2) 29 July 2016
|
f)
|
Place of the
transaction
|
Off market
transactions
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name
|
Serhan
Umurhan
|
2
|
Reason for the
notification
|
a)
|
Position/status
|
Director and Chief
Executive Officer
|
b)
|
Initial notification/
Amendment
|
Initial
notification
|
3
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
a)
|
Name
|
Avesoro Resources
Inc.
|
b)
|
LEI
|
N/A
|
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
Identification code
|
Common shares of no par value ("Shares")
ISIN for Avesoro
Resources Inc. common shares: CA05366A1049
|
b)
|
Nature of the
transaction
|
1) Indirect
beneficial interest in the Shares acquired pursuant to the
subscription of Shares by Avesoro Jersey Ltd
2) Increase in
indirect beneficial interest in the Shares pursuant to the
subscription of Shares by Avesoro Jersey Ltd
|
c)
|
Price(s) and
volume(s)
|
Price(s)
|
Volume(s)
|
1) 3.21p
|
1)
19,866,673
|
2) 1.5p
|
2)
97,500,000
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
See 4 c)
above
|
e)
|
Date of the
transaction
|
1) 15 July
2016
2) 6 December
2016
|
f)
|
Place of the
transaction
|
Off market
transactions
|
SOURCE Avesoro Resources Inc.