Blencowe Resources PLC Conditional Placing and Acquisition Update (5808A)
January 22 2020 - 4:28AM
UK Regulatory
TIDMBRES
RNS Number : 5808A
Blencowe Resources PLC
22 January 2020
Blencowe Resources Plc
("Blencowe" or the "Company")
Conditional Placing to raise GBP2 million and
Acquisition Update
Blencowe Resources Plc ("Blencowe" or the "Company"), the
natural resources sector focused special purpose acquisition
company, is pleased to announce that it has raised GBP2 million
(before expenses) through a conditional placing of and subscription
for (the "Placing") 33,333,329 New Ordinary Shares ("Placing
Shares") of GBP0.005 each to new and existing investors at 6 pence
per Placing Share through Brandon Hill Capital. In addition, the
Placing Shares will have 1 warrant attached per 2 Placing Shares
with an exercise price of 8p and term of 2 years.
Acquisition
On 28 October 2019, the Company signed a Share Purchase
Agreement with Consolidated Africa Limited ("CRA") and New Energy
Minerals Africa Pty Ltd ("New Energy") for the acquisition, subject
to completion of the Placing, by the Company of 100% of the share
capital of Consolidated African Resources (Uganda) Ltd ("CARU"), a
subsidiary of CRA, by way of a reverse takeover ("Transaction").
CARU is the holder of the Orom Graphite Project in Uganda. The
consideration payable to CRA and New Energy for the Transaction is
the issue of 33,333,333 New Ordinary Shares giving a price of 6
pence. CARU will be locked up for a total of 24 months via a "hard"
12 month lock up period and subsequent 12 month "soft" lock in
period whereby they will be required to both obtain the consent of
the broker and trade through the broker in an orderly manner.
Timetable
Following the completion of the Placing, the Company and its
advisers will finalise the Transaction with its professional
advisers and seek to obtain clearance from the FCA to publish a
prospectus and convene the Annual General Meeting ("AGM") which is
anticipated in February 2020 and is required to approve the
Transaction and the Placing. The Company is targeting to commence
trading on the standard list of the London Stock Exchange
immediately following the AGM.
A further announcement setting out additional details of the
Transaction and expected timetable to re-admission to trading on
the London Stock Exchange will be issued in due course.
* ENDS *
For further information, please visit
www.blencoweresourcesplc.com or contact:
Blencowe Resources plc
Cameron Pearce/Sam Quinn T: +44(0)1624 681 250
sam@lionsheadconsultants.com
Brandon Hill Capital Limited T: +44 (0)20 3463 5000
Financial Adviser & Broker
Oliver Stansfield/Jonathan Evans
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END
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