TIDMASO
RNS Number : 4576N
Avesoro Resources Inc.
08 August 2017
8 August 2017
Avesoro Resources Inc.
TSX: ASO
AIM: ASO
Clarification of Directors' and Majority Shareholder's
Holdings
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 Total beneficial
holding holding
----------------- --------------- -------------- -----------------
Mr Mehmet
Gűnal
(Non-Executive
Chairman) 0 0 0
Mr Murathan
Gűnal 0 3,677,489,083 3,677,489,083
(69.1%) (69.1%)
Mr Serhan
Umurhan (Chief
Executive
Officer) 8,010,000 117,366,673 125,376,673
(0.15%) (2.2%) (2.35%)
(1 As disclosed by the Company on 6 December 2016.)
Contact Information
Avesoro Resources Inc. Camarco
Geoff Eyre / Nick Smith Gordon Poole / Nick Hennis
Tel: +44(0) 20 3874 4740 Tel: +44(0) 20 3757 4980
-------------------------- -----------------------------
Numis Securities Limited Hannam & Partners (Advisory)
(Nominated Adviser and LLP
Joint Broker) (Joint Broker)
John Prior / James Black Rupert Fane / Andrew
/ Paul Gillam Chubb / Ingo Hofmaier
Tel: +44(0) 20 7260 1000 Tel: +44(0) 20 7907 8500
-------------------------- -----------------------------
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 km(2) 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 km(2) ), Archaen
West (56 km(2) ), Mabong (36.6 km(2) ) and Mafa West (15.6 km(2) )
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/ Initial notification
Amendment
--- -------------------------- ------------------------------------
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 Common shares of no par value
instrument, ("Shares")
type of instrument
Identification ISIN for Avesoro Resources
code Inc. common shares: CA05366A1049
--- -------------------------- ------------------------------------
b) Nature of the 1) Indirect beneficial interest
transaction 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 Price(s) Volume(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 See 4 c) above
* Aggregated volume
* Price
--- -------------------------- ------------------------------------
e) Date of the 1) 15 July 2016
transaction
2) 29 July 2016
--- -------------------------- ------------------------------------
f) Place of the Off market transactions
transaction
--- -------------------------- ------------------------------------
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/ Initial notification
Amendment
--- -------------------------- ------------------------------------
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 Common shares of no par value
instrument, ("Shares")
type of instrument
Identification ISIN for Avesoro Resources
code Inc. common shares: CA05366A1049
--- -------------------------- ------------------------------------
b) Nature of the 1) Indirect beneficial interest
transaction 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 Price(s) Volume(s)
volume(s) --------- --------------
1) 3.21p 1) 19,866,673
--------- --------------
2) 1.5p 2) 97,500,000
--------- --------------
--- -------------------------- ------------------------------------
d) Aggregated information See 4 c) above
* Aggregated volume
* Price
--- -------------------------- ------------------------------------
e) Date of the 1) 15 July 2016
transaction
2) 6 December 2016
--- -------------------------- ------------------------------------
f) Place of the Off market transactions
transaction
--- -------------------------- ------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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