TIDMBNR
RNS Number : 4594F
Blenheim Natural Resources PLC
21 February 2018
Blenheim Natural Resources plc / EPIC: BNR / Market: AIM /
Sector: Investing Company
21 February 2018
Blenheim Natural Resources Plc
("Blenheim" or the "Company")
Completion of First Stage of Cobalt Blue Transaction
Blenheim is pleased to announce that, following the grant of
three exploration licences to wholly owned subsidiaries of Cobalt
Blue Holdings Inc ("CBH") by the Ministry of Mines in Cameroon the
first of two consideration warrants issued to Cobalt Blue
Associates Inc ("CBA") are now exercisable as per the terms of
Blenheim's acquisition of a 25% stake in CBH ("Acquisition") (as
outlined in RNS dated 30 November 2017).
Overview:
-- Following confirmation that the Ministry of Mines in Cameroon
has granted the Ngoila Nord, Ekok and D'jka exploration licences to
wholly owned subsidiaries of CBH, CBA is now able to exercise the
300,000,000 Warrants ("First Consideration Warrants") over ordinary
shares in the Company ("Ordinary Shares") exercisable at a price of
0.1p per share (being the nominal value of the Ordinary Shares)
-- The area is highly prospective for cobalt and associated
minerals with the licences contiguous to the Nkamouna and Mada
deposits in the Haut-Nyong division, where previous studies
indicated a total 59.8 million tonnes (Mt) grading an average of
0.24% cobalt, 0.68% nickel and 1.37% manganese
-- Wholly owned subsidiaries of CBH have a further 2
applications for exploration licences in the region which together
with the three granted licences cover an area of 2,837 km(2) of
land highly prospective for cobalt in Cameroon
-- Once the final 2 applications for exploration licences are
granted to the subsidiaries of CBH, CBA will be able to exercise
the 250,000,000 Warrants ("Second Consideration Warrants") over
Ordinary Shares exercisable at a price of 0.65p per share
-- Further information on the licences and opportunity can be found on the Company's website at https://www.blenheimnaturalresources.com/investments/cobalt-blue-holdings
-- CBH is preparing a phased exploration programme and further
details will be provided on the granting of the remaining
licences
Blenheim Chairman Chris Ells commented, "The granting of these
three exploration licences by the Cameroon Ministry of Mines is
representative of Blenheim's strategy to build an investment
portfolio centred around technology metals. The licences are
located in what the Board believes to be one of the world's most
significant cobalt deposits. There is high demand for cobalt and
this is set to increase further due to the growing lithium ion
battery/EV market.
"In addition to cobalt, Blenheim has a portfolio of highly
prospective lithium licences where, following positive results, our
partners are preparing the next exploration stage, including an
auger drilling programme to test for pegmatites beneath the
weathered surface. Together with our investment in BrandShield,
which is currently expanding its solution for the crypto-currency
and blockchain industry and where we expect to be in a position to
provide an update in the near term, we are entering an exciting
period in BNR's development."
As announced on 30 November 2017, the Company entered into an
agreement to acquire a 25% stake in CBH from CBA via the issue of
up to 550,000,000 warrants ("Consideration Warrants") over Ordinary
Shares to CBA. The Consideration Warrants become exercisable
subject to the granting of exploration licences in Cameroon.
The subsidiaries of CBH had five applications for exploration
licences submitted to the Ministry of Mines in Cameroon as part of
the terms of the Acquisition ("Cameroon Licences"). Three have now
been granted and the remaining two applications are expected to be
subject to granted exploration licences imminently. Once the final
two exploration licences are granted the Second Consideration
Warrant outlined in the RNS dated 30 November 2017 will be
exercisable by CBA. An announcement will made at the time such
licences are granted.
From the Completion Date, CBA will be subject to a 12-month
lock-in period in relation to any shares subsequently issued to CBA
pursuant to the terms of the Consideration Warrants.
Following the granting of the Ngoila Nord, Ekok and D'jka
exploration licences to CBH, the First Consideration Warrants are
now exercisable at a price of 0.1p per share (being the nominal
value of the Ordinary Shares). The First Consideration Warrants may
be exercised at any time until the third anniversary of the date on
which the 5(th) of the Cameroon Licences has been granted.
The Second Consideration Warrants are over a further 250,000,000
shares and are exercisable at a price of 0.65p per share in the
event that all 5 Cameroon Licences (being exploration licences
adjacent to the Nkamouna and Mada Cobalt-Nickel Project) have been
granted.
CBH applied for 6 exploration licences at Ngoila Nord, Ngoila
Est, Ekok, N'Tam Est, N'Dja and Ngaoundéré, 5 of which are the
Cameroon Licences. These exclusive exploration licences, once
granted, will be issued for an initial period of three years and
may be renewed up to three times, for a maximum period of two years
each.
Ngoila Nord, Ekok, Ngoila Est, N'Tam Est and N'Dja are in the
Haut-Nyong, Haut-Nyong & Boumba-et-Ngoko, Haut-Nyong,
Boumba-et-Ngoko and Haut Nyong & Dja-et-Lombo divisions
respectively. The area is highly prospective for cobalt and
associated minerals and are situated in close proximity to the
Nkamouna and Mada deposits in the Haut-Nyong division.
The neighbouring Nkamouna and Mada cobalt-nickel deposits were
audited by SRK in June 2011 (for Geovic Mining Corporation) in
accordance with CSA NI 43-101 standards and in conformity with
generally accepted CIM 'Estimation of Mineral Resources and Mineral
Reserves Best Practices' guidelines.
*Ends*
For further information please visit
www.blenheimnaturalresources.com or contact:
Chris Ells/Charlie Wood Blenheim Natural Resources Plc +44 (0)1622 844601
Spark Advisory Partners Limited
Neil Baldwin/Andrew Emmott (Nominated Adviser) +44(0)203 368 3554
Nick Emerson SI Capital Ltd (Broker) +44 (0)1483 413500
Frank Buhagiar/Gaby Jenner St Brides Partners +44 (0)207 236 1177
For further information please contact:
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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