Tectonic Gold Plc Drill Warrant Notice
March 05 2021 - 3:02AM
UK Regulatory
TIDMTTAU
5 March 2021
TECTONIC GOLD PLC
("Tectonic Gold" or the "Company")
Drill Warrant Notice
Tectonic Gold plc (TDIM: TTAU), is providing formal notification to "Drill
Warrant" holders that on the back of successful initial drilling results the
September 2020, the 0.7p warrants are being called. The company has worked with
warrant holders to secure approximately £500,000 in new capital from the
conversion of approximately 70 million warrants. Unconverted warrants will be
rolled to February 2022 with the exercise price reset to 1.4p.
Warrant Notice Highlights:
* 0.7p September 2020 "Drill Warrants" being called effective today
* Indicative demand from warrant holders of approximately £500,000
* Fully funds next phase of technical program
* Appointment of Geos Mining mineral consultants to conduct independent
modelling
* 500+ pre screened samples to be sent for immediate copper and gold assay
* Drilling program at Specimen Hill to resume targeting high grade "Southern
Copper" discovery
Mr. Brett Boynton, Managing Director - Tectonic Gold Plc
"Earlier this week we met with warrant holders and explained the need for
funding in the order of £500,000 to complete the next phase of the technical
program at Specimen Hill. In order to minimise dilution and prevent any
pressure of the share price we negotiated with warrant holders an option to
exchange any unexercised 0.7p warrants for a 1.4p warrant with a 28 February
2022 exercise date. Warrant holders entering a voluntary 12 month restriction
on exercised warrants have been offered a one for two 1.4p warrant with a 28
February exercise date.
We are very grateful for the immediate support from our warrant holders and are
extremely grateful for the opportunity to get back into the field so quickly
after our initial success. Specimen Hill is shaping up to be a world class
discovery and we need to extend the drilling along the 5km+ strike zone with
increased density to work this up into a meaningful resource. In addition we
have brought in one of Australia's leading independent consulting groups, Geos
Mining, to provide modelling so that we can formally engage with majors such as
our northern neighbour Rio Tinto, and regional heavyweights, Newcrest,
Evolution and South32.
About Tectonic Gold:
Tectonic Gold is a specialist gold exploration company, focused on the
identification and delineation of large-scale, multimillion-ounce Intrusion
Related Gold Systems ("IRGS"). Tectonic Gold holds a number of gold discoveries
in the New England Orogen in Eastern Australia, a prolific gold region that is
home to Australia's two largest gold production companies, Newcrest Mining and
Evolution Mining. Rio Tinto, one of the largest copper companies in the world
has recently taken a large tenement alongside Tectonic's Specimen Hill project
Qualified Persons:
Mr Jonathan Robbeson - BSc (Hons1), MEconGeol, MMinEng, (CP Geo) is a full-time
employee Signature Gold Limited and is a registered Chartered Professional
(Geology) with the Australian Institute of Mining and Metallurgy (AusIMM -
304542). Mr Robbeson has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and the activity being
undertaken to qualify as a Competent Person as defined in the Note for Mining
Oil & Gas Companies, June 2009, of the London Stock Exchange and the 2012
Edition of the 'Australian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' (JORC Code). Mr Robbeson consents to the inclusion
in the release of the matters based on his information in the form and context
in which it appears.
JORC Table 1 information for this release on Specimen Hill can be found on the
Company website.
The Directors of the Company accept responsibility for the contents of this
announcement.
For further information, please contact:
Tectonic Gold plc +61 2 9241 7665
Brett Boynton
Sam Quinn
www.tectonicgold.com.
@tectonic_gold
Financial Adviser, Corporate Adviser and Broker
VSA Capital Limited +44 20
3005 5000
Andrew Raca - Corporate Finance
Andrew Monk - Corporate Broking
Ends
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.
END
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