Armadale Capital Plc Convertible Note Update
July 13 2017 - 6:01AM
UK Regulatory
TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
13 July 2017
Armadale Capital Plc ('Armadale' or 'the Company')
Convertible Note Update
Armadale, the AIM quoted investment company focused on natural
resource projects in Africa, announces changes to its outstanding
unsecured convertible notes (the 'Loan Notes'), which were issued
by the Company in connection with the acquisition of Graphite
Advancement Pty Ltd (see RNS dated 11 July 2016) totalling
GBP450,000.
-- Holders of the Loan Notes totalling GBP371,388 nominal have agreed to
extend the date of maturity by 12 months to 26 June 2018
(the
'Extension')
-- Holders of the Loan Notes totalling GBP78,612 nominal, plus accrued
interest for the year payable at 10%, are being converted into
new
Ordinary Shares in the Company at a deemed price of 2p per
Ordinary
Share in accordance with the terms of the loan note instrument
(the
'Conversion')
The Conversion gives rise to the issue of 4,343,724 new Ordinary
Shares (the 'Conversion Shares'). Application has been made to the
London Stock Exchange for the Conversion Shares to be admitted to
trading on AIM ('Admission'). The Conversion Shares will, when
issued, rank pari passu in all respects with the Company's existing
Ordinary Shares. It is expected that Admission will become
effective, and dealings in the new Ordinary Shares will commence,
at 8.00 a.m. on 17 July 2017.
Following Admission, the Company will have 242,640,034 Ordinary
Shares in issue. The Company has no shares in treasury, therefore
the figure of 242,640,034 should be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change of their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Related Party Transaction
Kabunga Holdings Pty Ltd ('Kabunga') is entering into the
Extension in respect of Loan Notes totalling GBP197,560 nominal.
Kabunga is considered a related party transaction under the AIM
Rules for Companies on the basis that Kabunga Holdings Pty Ltd, a
substantial shareholder in the Company.
The directors of the Company (being Nicholas Johansen and Steve
Mahede) consider, having consulted with finnCap Ltd, that the terms
of the Extension are fair and reasonable insofar as independent
shareholders of the Company are concerned.
**ENDS**
For further information please visit www.armadalecapitalplc.com
or contact:
Enquiries:
Armadale Capital Plc +44 20 7236 1177
Nick Johansen
Nomad and broker: finnCap Ltd +44 20 7220 0500
Christopher Raggett / Simon Hicks
Joint Broker: Beaufort Securities Limited +44 20 7382 8300
Jon Belliss
Press Relations: St Brides Partners Ltd +44 20 7236 1177
Susie Geliher / Charlotte Page
Notes
Armadale Capital Plc is focused on investing in and developing a
portfolio of investments, targeting the natural resources and/or
infrastructure sectors in Africa. The Company, led by a team with
operational experience and a strong track record in Africa, has a
strategy of identifying high growth businesses where it can take an
active role in their advancement.
The Company owns the Mahenge Liandu graphite project in
south-east Tanzania, which is now its main focus. The Project is
located in a highly prospective region with a high-grade JORC
compliant inferred mineral resource estimate of 40.9Mt @ 9.41% TGC.
At least 32Mt of this resource has an average grade of 10.47% TGC,
one of the largest high-grade resources in Tanzania, and work to
date has demonstrated Mahenge Liandu's potential as a commercially
viable deposit with significant tonnage, high-grade coarse flake
and near surface mineralisation (implying a low strip ratio)
contained within one contiguous ore body.
Other assets Armadale has an interest in includes the Mpokoto
Gold project in the Democratic Republic of Congo and a portfolio of
quoted investments.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170713005476/en/
This information is provided by Business Wire
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