TIDMIRR
RNS Number : 8593P
IronRidge Resources Limited
22 February 2021
22 February 2021
IronRidge Resources Limited
(AIM: IRR)
Issue of Shares Raises Further GBP 3.6m
Cancellation of Block Listing Facility and Total Voting
Rights
The Board of IronRidge Resources Limited (AIM: IRR, "IronRidge"
or the "Company") wishes to advise that, pursuant to the block
listing of 32,172,064 ordinary shares of no par value each in the
capital of the Company ("Ordinary Shares"), as announced on 17
September 2020 (the "Block Listing"), the Company has issued and
allotted a total of 32,172,064 new Ordinary Shares. As such, no
further new Ordinary Shares will be allotted pursuant to the Block
Listing, and the Block Listing is hereby cancelled.
Further to the Company's announcement of 20 January 2021
notifying a call on warrant holders to exercise the 32,172,064
warrants exercisable at 12 pence per new Ordinary Share issued
pursuant to the fundraise announced on 11 May 2020, (the "Fundraise
Warrants"), the Company notes that all holders elected to exercise
the Fundraise Warrants and as such no shares have been issued to
either Open Source Capital Limited, Alberona Pty Ltd (a company
controlled by Vincent Mascolo, Chief Executive Officer) or Neil
Herbert (Chairman) under the underwriting agreement entered into by
the Company and the above parties.
The net proceeds of the exercise of the Fundraise Warrants is
approximately GBP3,630,648.
Following the issue and allotment of the Warrant Exercise
Shares, the Company's new issued share capital comprises
452,074,334 Ordinary Shares. When calculating voting rights,
shareholders should use this figure as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure and
Transparency Rules.
IronRidge also makes the following notification, pursuant to AIM
Rule 29 and Schedule Six of the AIM Rules for Companies, regarding
its existing block listing:
Name of applicant: IronRidge Resources Limited
Name of scheme: Investor & Broker Warrants granted
pursuant to the fundraising, as
announced on 11 May 2020
---------------------------------------
Period of return: From: 17 September To: 22 February 2021
2020
--------- -------------- ---- -----------------
Balance of unallotted
securities under scheme(s)
from previous return: 32,172,064
---------------------------------------
Plus: The amount by which Nil
the block scheme(s) has
been increased since the
date of the last return
(if any increase has been
applied for):
---------------------------------------
Less: Number of securities
issued/allotted under
scheme(s) during period
(see LR3.5.7G): 32,172,064
---------------------------------------
Equals: Balance under Nil
scheme(s) not yet issued/allotted
at end of period:
---------------------------------------
IMPORTANT NOTE: This is the final return for this block
listing. No further shares will be allotted pursuant to
this block listing.
Name of contact: Amanda Harsas
---------------------------------------
Telephone number of contact: +61 2 8072 0640
---------------------------------------
For any further information, please contact:
IronRidge Resources Limited Tel: +61 2 8072 0640
Vincent Mascolo (Chief Executive Officer)
Amanda Harsas (Company Secretary)
www.ironridgeresources.com.au
SP Angel Corporate Finance LLP Tel: +4 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
SI Capital Limited Tel: +44 (0) 1483 413
Company Broker 500
Nick Emerson Tel: +44 (0) 207 871 4038
Jon Levinson
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Henry Wilkinson
Dominic BarrettoMatthew McHale
Notes to Editors:
IronRidge Resources is an AIM-listed, Africa focussed minerals
exploration company with a lithium pegmatite discovery in Ghana,
extensive grassroots gold portfolio in Côte d'Ivoire and a
potential new gold province discovery in Chad. The Company holds
legacy iron ore assets in Gabon and a bauxite resource in
Australia. IronRidge's strategy is to create and sustain
shareholder value through the discovery and development of
significant and globally demanded commodities.
Côte d'Ivoire
The Company entered into conditional earn-in arrangements in
Côte d'Ivoire, West Africa; securing access rights to highly
prospective gold mineralised structures and pegmatite occurrences
covering a combined 3,584km(2) and 1,172km(2) area respectively.
The projects are well located within access of an extensive bitumen
road network and along strike from multi-million-ounce gold
projects and mines. The Company's most advanced project is the
Zaranou gold project which includes high-grade gold drilling
intersections along 8km strike including 6m at 6.44g/t gold from
132m, 6m at 15.11g/t gold from 26m, 4m at 5.16g/t gold from 110m
and 22m at 3.39g/t gold from 8m within a broader 47km long gold
anomalous structure.
Ghana
The Cape Coast Lithium portfolio covers some 684km(2) and
includes the newly discovered Ewoyaa Lithium Project with a maiden
Mineral Resource estimate of 14.5Mt at 1.31% Li(2) O in the
inferred and indicated category including 4.5Mt @ 1.39% Li(2) O in
the indicated category (reported in accordance with the JORC Code).
A Scoping Study on the Ewoyaa Lithium Project, announced in January
2021, supports a business case for a 2.0 Million tonnes per annum
production operation, producing an average 295,000tpa of 6% Li(2) O
spodumene concentrate, with life of mine revenues exceeding US$1.55
Billion. The Company entered into earn-in arrangements with Obotan
Minerals Limited, Merlink Resources Limited, Barari Developments
Limited and Joy Transporters Limited of Ghana, West Africa,
securing the first access rights to acquire the historical
Egyasimanku Hill spodumene rich lithium deposit, estimated to be in
the order of 1.48Mt at 1.67% Li(2) O and surrounding tenements. The
tenure package is also prospective for tin, tantalum, niobium,
caesium and gold, which occur as accessory minerals within the
pegmatites and host formations.
Chad
The Company entered into an agreement with Tekton Minerals Pte
Ltd of Singapore concerning its portfolio covering 746km(2) of
highly prospective gold and other mineral projects in Chad, Central
Africa. IronRidge acquired 100% of Tekton including its projects
and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and
Kalaka licenses, which host multiple, large scale gold projects.
Trenching results at Dorothe, including 84m at 1.66g/t Au
(including 6m at 5.49g/t & 8m at 6.23g/t), 4m at 18.77g/t Au
(including 2m at 36.2g/t), 32m at 2.02g/t Au (including 18m at
3.22g/t), 24m at 2.53g/t Au (including 6m at 4.1g/t (including 2m
at 6.2g/t) and 2m at 6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m
and 63.2g/t over 1m, have defined significant gold mineralised
quartz veining zones over a 3km by 1km area including the steep
dipping 'Main Vein' and shallow dipping 'Sheeted Vein' zones.
Australia
Monogorilby is prospective for province scale titanium and
bauxite, with an initial maiden resource of 54.9MT of premium DSO
bauxite. Monogorilby is located in central Queensland, within a
short trucking distance of the rail system leading north to the
Port of Bundaberg. It is also located within close proximity of the
active Queensland Rail network heading south towards the Port of
Brisbane.
Gabon
Tchibanga is located in south-western Gabon, in the Nyanga
Province, within 10-60km of the Atlantic coastline. This project
comprises two exploration licenses, Tchibanga and Tchibanga Nord,
which cover a combined area of 3,396km(2) and include over 90km of
prospective lithologies and the historic Mont Pele iron
occurrence.
Belinga Sud is Located in the north east of Gabon in the
Ogooue-Ivindo Province, approximately 400km east of the capital
city of Libreville. IRR's licence lies between the main Belinga
Iron Ore Deposit, believed to be one of the world's largest
untapped reserves of iron ore with an estimated 1bt of iron ore at
a grade >60% Fe, and the route of the Trans Gabonese railway,
which currently carries manganese ore and timber from Franceville
to the Port of Owendo in Libreville.
Corporate
IronRidge made its AIM debut in February 2015, successfully
securing strategic alliances with three international companies;
Assore Limited of South Africa, Sumitomo Corporation of Japan and
DGR Global Limited of Australia. Assore is a high-grade iron,
chrome and manganese mining specialist. Sumitomo Corporation is a
global resources, mining marketing and trading conglomerate. DGR
Global is a project generation and exploration specialist.
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