Alecto Minerals PLC Placing to Raise GBP600,000 (2035C)
January 15 2015 - 1:00AM
UK Regulatory
TIDMALO
RNS Number : 2035C
Alecto Minerals PLC
15 January 2015
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector:
Exploration & Development
15 January 2015
Alecto Minerals plc ('Alecto' or the 'Company')
Placing to Raise GBP600,000 gross
Alecto Minerals plc (AIM: ALO), the AIM quoted mineral
exploration company focussed on West and East Africa, is pleased to
announce that it has raised GBP600,000 (before expenses) by way of
a placing, via Hume Capital Securities plc, of 200 million new
ordinary shares of 0.01 pence each in the capital of the Company
('the Placing Shares') at a price of 0.3 pence per Placing Share,
with certain new and existing shareholders ('the Placing').
The net proceeds of the Placing will provide the Company with
additional working capital as it progresses discussions, in line
with its strategy, to form potential joint ventures for the
advancement or early monetisation of opportunities across its gold
portfolio in Africa and whilst it continues to explore and evaluate
potential attractive opportunities to expand the Company's asset
base.
Currently, the Company's core portfolio consists of: the
recently acquired KerbouléGold Project in Burkina Faso, where the
Company is focussed on delineating a JORC resource estimate in
2015; the Kossanto East Gold Project where the Company has
identified a JORC inferred resource estimate of 247,000 ounces of
gold; the Kossanto West Gold Project where the Company continues to
hold early stage discussions regarding a potential joint venture
for its advancement; and two gold projects in Ethiopia which are
currently subject to a joint venture with Centamin plc.
Alecto's CEO, Mark Jones, commented:
"We are delighted to have successfully raised GBP600,000 in the
prevailing difficult market conditions for the natural resources
sector. The additional funds will further enable us to position our
portfolio effectively, whilst at the same time working towards a
more advanced project that the company believes can be funded
through to production. A stronger balance sheet improves our
negotiating position in joint venture and acquisition discussions.
Whilst the placing price, at a discount of 40% to the closing bid
price per share on 14 January 2015, reflects the funding challenges
facing exploration companies in today's market, it puts the Company
in a much stronger and better position to achieve its goals in
2015."
Application for trading on AIM and Total Voting Rights
Application will be made to the London Stock Exchange plc for
the Placing Shares to be admitted to trading on AIM ('Admission').
Admission is expected to become effective and dealings in the
Placing Shares commence at 8.00 a.m. on 21 January 2015. On
Admission, the Company will have in issue 1,087,566,457 ordinary
shares.
The Placing Shares will be fully paid and will rank pari passu
in all respects with the Company's existing ordinary shares.
The Company does not currently hold any ordinary shares in
treasury. Accordingly, the above figure may be used by shareholders
in the Company 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 Financial Conduct Authority's Disclosure and
Transparency Rules.
**ENDS**
For further information, please visit www.alectominerals.com or
contact:
Alecto Minerals plc Tel: +44 (0)20 3137 8862
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Richard Tulloch
Matthew Chandler
James Dance
Hume Capital Securities plc Tel: +44 (0)20 3693 1470
Jon Belliss
Abigail Wayne
St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177
Elisabeth Cowell
Felicity Winkles
Notes to editors:
Alecto Minerals plc is an African focussed, gold and base metal
exploration and development company quoted on AIM with exploration
projects in Mali, Ethiopia, Mauritania and Burkina Faso.
In Mali, the Kossanto Project has a current independent inferred
JORC code compliant resource estimate of 6.72Mt grading at 1.14g/t
Au for an aggregate of 247,000 oz Au with a cut-off grade of 0.5g/t
Au at Kossanto East. The Kossanto Project is located in the centre
of the Kenieba inlier in western Mali. The Kenieba inlier is a
block of ancient greenstones and granites hosting many significant
gold deposits in Senegal and Mali, making it one of the most
important gold regions in Africa.
The Kerboulé Project, located in the highly prospective
Birrimian-age Djibo gold belt in northern Burkina Faso, is ideally
positioned for the definition of a preliminary JORC resource
estimate, as well as on-going resource expansion, and accordingly
is the near term focus of the Company to provide the basis for
commencing a preliminary economic assessment.
Alecto also has a joint venture with Centamin plc over two
prospective gold exploration licences in Ethiopia which sees Alecto
retain exposure to these assets with no capital expenditure
obligations, as well as the wholly owned Wad Amour IOCG Project in
Mauritania which is at an exploration stage.
Combined, these projects provide the Company with a strong,
diversified portfolio with exciting exploration upside
potential.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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