Blencowe Resources PLC Consolidated Africa Holding & Joint Broker (7043Y)
January 17 2022 - 7:00AM
UK Regulatory
TIDMBRES
RNS Number : 7043Y
Blencowe Resources PLC
17 January 2022
17 January 2022
Blencowe Resources Plc
("Blencowe" or the "Company")
Consolidated Africa dispose of entire holding to new and
existing shareholders
&
Appointment of Joint Broker
Blencowe Resources Plc (" Blencowe" or the "Company") (LSE:
BRES) has been notified that Consolidated Africa Limited ("CAL")
has today sold its entire holding in the Company (17,725,000
ordinary shares being 10.9% of the issued share capital) to new and
existing shareholders arranged through Tavira Securities Limited
("Tavira").
CAL received 25,000,000 ordinary shares in Blencowe following
its sale of the Orom Cross graphite project in 2020. CAL were
locked up for one year following the IPO in June 2020.
Appointment of Joint Broker
The Company is pleased to announce that it has appointed Tavira
as its joint broker. Tavira has recruited senior personnel from the
Company's former broker Brandon Hill Capital Limited and Blencowe
looks forward to continuing the strong relationship with the
team.
Executive Chairman Cameron Pearce Commented:
"We are pleased that the share register has been strengthened
following these on market share purchases. We believe with a market
cap of approximately GBP6.5M, the Company is significantly
undervalued, as evidenced by our recent Preliminary Economic
Assessment which yielded an NPV for Orom-Cross of US$317M. In
December 2021 we closed on a GBP2M fundraise at 5p per share, which
has provided sufficient capital to undertake our 2022 work
programme at Orom-Cross, including the completion of a
Pre-Feasibility Study. An updated resource statement on Orom-Cross
is due to be released later this quarter, which we expect will
further increase the size and grade of the resource.
We would like to welcome Tavira Securities as co-broker and we
look forward to continuing our relationship with the former senior
members of the Brandon Hill team going forward.
For further information please contact:
Blencowe Resources Plc www.blencoweresourcesplc.com
Sam Quinn Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Investor Relations Tel: +44 (0) 7891 677 441
Sasha Sethi sasha@flowcomms.com
Tavira Securities Tel: +44 (0)20 7100 5100
Jonathan Evans jonathan.evans@tavirasecurities.com
First Equity Limited Tel: +44(0)20 7330 1833
Jason Robertson jasonrobertson@firstequitylimited.com
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross is a potential world class graphite project both by
size and end-product quality, with a high component of more
valuable larger flakes within the deposit. A 21-year Mining Licence
for the project was issued by the Ugandan Government in 2019
following extensive historical work on the deposit and Blencowe is
moving into the studies phase shortly as it drives towards first
production.
Orom-Cross presents as a large, shallow open-pitable deposit,
with a maiden JORC Indicated & Inferred Mineral Resource
deposit of 16.3Mt @ 6.0% Total Graphite Content. Development of the
resource is expected to benefit from a low strip ratio and free dig
operations, thereby ensuring lower operating and capital costs.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUBVURUVUAAAR
(END) Dow Jones Newswires
January 17, 2022 08:00 ET (13:00 GMT)
Blencowe Resources (LSE:BRES)
Historical Stock Chart
From Sep 2024 to Oct 2024
Blencowe Resources (LSE:BRES)
Historical Stock Chart
From Oct 2023 to Oct 2024