TIDMSOLG
RNS Number : 8446I
SolGold PLC
22 June 2017
22 June 2017
The following amendments have been made to the 'Holdings in
Company' announcement released on 21 June 2017 at 10:04 am under
RNS No 7212I.
By virtue of the dilutionary effect of the allotment, Mr Greg
Chamandy, with 43,957,145 ordinary shares with voting rights,
ceases to be a significant holder.
Guyana Goldfields Inc, has a current interest in 103,125,000
existing ordinary shares of the Company, representing 6.82% of the
total ordinary shares in issue.
SolGold plc
("SolGold" or the "Company")
Updated Holdings
The Board of Directors of SolGold wishes to advise that, further
to last Friday's announcement regarding the USD$41.2 million
capital raising, 78,889,080 new ordinary shares have now been
allotted. Newcrest international Pty Ltd subscribed a majority of
placement shares in the allotment, which has further enlarged their
shareholding up to 219,772,271 shares representing 14.54% of the
current share capital.
Furthermore, SolGold plc wishes to clarify that Newcrest's
increased anti-dilutionary right will operate for a 12 month term.
After this period, the terms of the original subscription agreement
with Newcrest dated 30 August 2016 continue, providing Newcrest
with anti-dilutionary rights at a 10% level.
Application has been made for the newly issued shares to be
admitted to trading on AIM, and admission is expected to take place
on or around Friday 23 June 2017.
As a result of the issue and allotment of the shares as outlined
above, the Company is aware of the following updated Director and
significant holdings:
Directors Holdings:
No Directors participated in the capital raising, but their
respective percentage holdings decreased as a result of the
raising.
Company Director Shareholding % of Issued
Capital
-------------------- ----------------- ------------
Nicholas Mather 89,268,275 5.91%
-------------------- ----------------- ------------
Brian Moller 4,089,121 0.27%
-------------------- ----------------- ------------
Robert Weinberg 4,296,091 0.28%
-------------------- ----------------- ------------
John Bovard 3,858,813 0.26%
-------------------- ----------------- ------------
Craig Jones - -
-------------------- ----------------- ------------
Total Directors 101,512,300 6.72%
-------------------- ----------------- ------------
Balance of Company 1,409,683,385 93.28%
-------------------- ----------------- ------------
Significant Holders:
In accordance with the Disclosure and Transparency Rules
("DTR"), SolGold Plc (the "Company") was informed by Mr Warren
Irwin of Rosseau Asset Management Ltd on 21 June 2017 that, in
fulfilment of the obligations of Rule 5 of the DTR, and as a result
of the disposal of shares with voting rights, Rosseau Asset
Management Ltd has ceased to be a significant holder of the
Company.
By virtue of the dilutionary effect of the allotment, Mr Greg
Chamandy, with 43,957,145 ordinary shares with voting rights,
ceases to be a significant holder.
Other changes to the significant holders are as outlined
below:
Party Current Number Interest Interest
interest of new in Ordinary in Ordinary
in existing Ordinary Shares Shares
Ordinary Shares following following
Shares allotted this issue this issue
in this as a %
issue
------------------------ ------------- --------------------- ------------- -------------
DGR Global Ltd 204,151,800 - 204,151,800 13.51%
------------------------ ------------- --------------------- ------------- -------------
Tenstar Trading
Ltd 143,206,062 - 143,206,062 9.48%
------------------------ ------------- --------------------- ------------- -------------
Newcrest International 143,236,661 76,535,610 219,772,271 14.54%
------------------------ ------------- --------------------- ------------- -------------
Guyana Goldfields
Inc 103,125,000 - 103,125,000 6.82%
------------------------ ------------- --------------------- ------------- -------------
Dmyant B Sangha* 47,106,690 - 47,106,690 3.12%
------------------------ ------------- --------------------- ------------- -------------
*includes direct and indirect holdings
By order of the Board
Karl Schlobohm
Company Secretary
CONTACTS:
Mr Nicholas Mather Tel: +61 (0) 7 3303 0665
SolGold Plc (Executive Director) +61 (0) 417 880 448
nmather@SolGold.com.au
Mr Karl Schlobohm Tel: +61 (0) 7 3303 0661
SolGold Plc (Company Secretary)
kschlobohm@SolGold.com.au
Mr Ewan Leggat / Mr Richard Morrison Tel: +44 (0) 20 3470
0470
SP Angel Corporate Finance LLP (NOMAD and Broker)
ewan.leggat@spangel.co.uk
Follow us on twitter @SolGold_plc
NOTES TO EDITORS
SolGold is a Brisbane, Australia based, AIM--listed (SOLG)
copper gold exploration and future development company with assets
in Ecuador, Solomon Islands and Australia. SolGold's primary
objective is to discover and define world--class copper--gold
deposits. The Board and Management Team have substantial vested
interests in the success of the Company as shareholders as well as
strong track records in the areas of exploration, mine appraisal
and development, investment, finance and law. SolGold's experience
is augmented by state of the art geophysical and modelling
techniques and the guidance of porphyry copper and gold expert Dr
Steve Garwin.
SolGold was shortlisted as a nominee for the Mining Journal
Explorer Achievement Award for 2016. The Company announced USD54m
in capital raisings in September 2016 involving Maxit Capital LP,
Newcrest International Ltd and DGR Global Ltd, and a USD41.2m
raising in June of 2017 largely from Newcrest International with
USD1.2m raised from Ecuadorean investors. All of these raisings
were undertaken at substantial premiums to previous raisings, and
SolGold has circa USD70 million in available cash to continue the
exploration and development of its flagship Cascabel Project.
Mr Craig Jones joined the SolGold Board on 3 March 2017,
nominated to the Board of SolGold by Newcrest Mining, now a 14.54%
shareholder in SolGold. Mr Jones is a Mechanical Engineer and is
currently the Executive General Manager Wafi-Golpu
(Newcrest-Harmony MMJV). He has held various senior management and
executive roles within the Newcrest Group, including General
Manager Projects, General Manager Cadia Valley Operations,
Executive General Manager Projects and Asset Management, Executive
General Manager Australian and Indonesian Operations, Executive
General Manager Australian Operations and Projects, and Executive
General Manager Cadia and Morobe Mining Joint Venture. Prior to
joining Newcrest, Mr Jones worked for Rio Tinto.
Cascabel, SolGold's 85% owned "World Class" flagship
copper--gold porphyry project, is located in northern Ecuador on
the under--explored northern section of the richly endowed Andean
Copper Belt. SolGold owns 85% of Exploraciones Novomining S.A.
("ENSA") and approximately 11% of TSX--V--listed Cornerstone
Capital Resources ("Cornerstone"), which holds the remaining 15% of
ENSA, the Ecuadorian registered company which holds 100% of the
Cascabel concession.
The investments by Newcrest for 14.54% of SolGold, and the
investments into SolGold by Guyana Goldfields, Maxit Capital and
its clients, endorses Ecuador as an exploration and mining
destination, the management team at SolGold, the dimension, size
and scale of the growing Alpala, and the prospectivity of Cascabel
and its multiple targets. The gold endowment, location,
infrastructure, logistics are important competitive advantages
offered by the project.
To date SolGold has completed geological mapping, soil sampling,
rock saw channel sampling, geochemical and spectral alteration
mapping over 25km(2) , along with an additional 9km(2) of Induced
Polarisation and 14km(2) Magnetotelluric "Orion" surveys over the
Alpala cluster and Aguinaga targets.
SolGold has completed over 39,000m of drilling and expended over
USD45.6M on the program, which includes corporate costs and
investments into Cornerstone. This has been accomplished with a
workforce of up to 176 Ecuadorean workers and geoscientists, and 6
expatriate Australian geoscientists. The results of 26 holes
drilled (including re-drilled holes) and assayed to date have
produced some of the greatest drill hole intercepts in porphyry
copper-gold exploration history, as indicated by Hole 12
(CSD-16-012) returning 1560m grading 0.59% copper and 0.54 g/t gold
including, 1044m grading 0.74% copper and 0.54 g/t gold. The
average grade of all metres drilled to date on the project
currently stands at 0.32% copper and 0.27 g/t gold. Intensive
diamond drilling is planned for the next 12 months with 10 drill
rigs expected to be operational by early 2018, targeting over
90,000m of drilling per annum.
Cascabel is characterised by fifteen (15) identified targets,
"World Class" drilling intersections over 1km in length at
potentially economic grades, and high copper and gold grades in
richer sections, as well as logistic advantages in location,
elevation, water supply, proximity to roads, port and power
services; and a progressive legislative approach to resource
development in Ecuador.
To date, SolGold has drill tested 4 of the 15 targets, being
Alpala Northwest, Alpala Central, Hematite Hill, and Alpala
Southeast. Currently drill testing of Alpala Northwest, Alpala
Central and Alpala Southeast targets is underway, with drill
testing of the Aguinaga target to commence in August 2017.
The Alpala deposit is open in multiple directions and the
mineralised corridor marked for drill testing of the greater Alpala
cluster occurs over a 2.2km strike length from Trivinio in the
northwest to Cristal in the southeast. The mineralised corridor is
known to be prospective over approximately 700m width.
High priority targets within the Alpala cluster, at Moran
approximately 700m to the north, and at Aguinaga approximately
2.3km north east, are closely modelled by 3D MVI magnetic
signatures that currently encompass over 15Bt of magnetic rock.
Based on a strong spatial and genetic relationship between copper
sulphides and magnetite, this body of magnetic rock is considered
to be highly prospective for significant copper and gold
mineralisation, and requires drill testing.
SolGold is focussing on extending the dimensions of the Alpala
deposit including Hematite Hill, Alpala South East, Cristal, Alpala
Northwest and Trivinio before completing a resource statement and
drill testing of the other key targets within the Cascabel
concession at Aguinaga, Tandayama-America, Alpala West, Carmen,
Alpala East, Moran, Parambas, and Chinambicito.
The Company is currently planning further metallurgical testing
and completion of an independent Pre-Feasibility Study at Cascabel.
SolGold is investigating both high tonnage open cut and underground
block caving operations, as well as a high grade / low tonnage
initial underground development towards the economic development of
the copper gold deposit/s at Cascabel.
Drill hole intercepts have been updated to reflect current
commodity prices, using a data aggregation method, defined by
copper equivalent cut-off grades and reported with up to 10m
internal dilution, excluding bridging to a single sample. Copper
equivalent grades are calculated using a gold conversion factor of
0.63, determined using an updated copper price of USD3.00/pound and
an updated gold price of USD1300/ounce. True widths of down hole
intersections are estimated to be approximately 25-50%.
Following a comprehensive review of the geology and
prospectivity of Ecuador, SolGold and its subsidiaries have also
applied for additional exploration licences in Ecuador over a
number of promising porphyry copper gold targets throughout the
Country. SolGold is negotiating external funding options which will
provide the Company with the ability to have some of these projects
fully funded by a third party while focussing on Cascabel.
In Queensland, Australia the Company is evaluating the future
exploration plans for the Mt Perry, Rannes and Normanby projects,
with drill testing of the Normanby project planned for the coming
quarter. Joint venture agreements are being investigated for a
joint venture partner to commit funds and carry out exploration to
earn an interest in the tenements.
SolGold retains interests in its original theatre of operations,
Solomon Islands in the South West Pacific, where the 100% owned,
but as yet undrilled, Kuma prospect on the island of Guadalcanal
exhibits surface lithocap characteristics which are traditionally
indicative of a large metal rich copper gold intrusive porphyry
system. SolGold intends in the future to apply intellectual
property and experience developed in Ecuador to target additional
"World Class" copper gold porphyries at Kuma and other targets in
Ecuador and Argentina.
SolGold is based in Brisbane, Queensland, Australia. The Company
listed on London's AIM Market in 2006, under the AIM code 'SOLG'
and currently has a total of 1,511,195,685 ordinary shares issued,
together with 33,975,884 options exercisable at 28p and 11,975,884
options exercisable at 14p.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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