Bluebird Merchant Ventures Limited Publication of Prospectus (1703C)
June 13 2019 - 11:21AM
UK Regulatory
TIDMBMV
RNS Number : 1703C
Bluebird Merchant Ventures Limited
13 June 2019
13 June 2019
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Publication of Prospectus
Bluebird Merchant Ventures (EPIC: BMV), the Korean focused gold
development group, announces the publication of a Prospectus to
clear the Company's liabilities.
The Prospectus provides detail on the sum of USD 2,890,184 of
loans and liabilities, covering a period since early 2017. These
have been converted to the value of 121,513,516 shares,
representing 32.94% of the enlarged share capital. The total number
of shares in issue will be 368,862,591.
The conversion represents debt largely from management, who are
long term shareholders, committed to the future of the Company and
bringing the South Korean projects, Gubong and Kochang, into
production. Colin Patterson, Chief Executive Officer, has been the
largest single investor over the past two years, and becomes the
largest shareholder with 19.1% of the Company.
The Prospectus has been approved by the UKLA and will shortly be
available for inspection at the Company website:
https://bluebirdmv.com/financial-information/
The Prospectus is also available through the following link:
http://www.rns-pdf.londonstockexchange.com/rns/1703C_1-2019-6-13.pdf
Colin Patterson, Chief Executive Officer, said "We are pleased
to announce this major milestone for Bluebird. The Company is now
largely debt free and the balance sheet has been cleaned up. This
is a huge vote of confidence in the projects, Gubong and Kochang,
and we look forward to receiving the permits which will allow us to
progress our activities."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Bluebird Merchant Ventures Ltd +44 (0) 7797 859986
Jonathan Morley-Kirk, Non-Executive
Chairman
SP Angel Corporate Finance LLP
Ewan Leggat + 44 (0) 20 3470 0470
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
/ Julia Tilley
www.bluebirdmv.com
@BluebirdIR
Notes to Editors
The Gubong mine was once the second largest producing gold mine
in South Korea until its closure in 1971 when gold prices were
US$40 per ounce. The mine consists of nine shallow dipping stacked
veins. Although production was mainly from vein number six, five
other veins were mined from 1928 until its closure. Over 17,000
metres of drilling was carried out over the years and there are
over 120 kilometres of existing underground development.
The Kochang mine is a gold-silver mine that operated between
1928 and 1975 and produced over five million ounces of silver at
over 1000 g/t and 110,000 ounces of gold at 19.6 g/t. This gold
production was mainly derived from the three main veins at the
North East end of the "Gold Mine" part of Kochang, with the
majority of the silver production from the "Silver Mine" some 2.5
kilometres to the south west. The mine closed in 1975 when the gold
price was USD 140 per ounce. Today the mine consists of three
steeply dipping veins. Bluebird has opened up three kilometres of
original development, taken over 400 samples and has confirmed
process viability by carrying out initial metallurgical test
work.
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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