Blencowe Resources PLC Block Listing Application & Issue of Equity (5134G)
November 25 2020 - 8:59AM
UK Regulatory
TIDMBRES
RNS Number : 5134G
Blencowe Resources PLC
25 November 2020
Date: 25 November 2020
Blencowe Resources Plc
("Blencowe" or the "Company")
Block Listing Application & Issue of Equity
The Company provides notification that an application has been
made to the FCA and the London Stock Exchange for a block listing
totalling 7,500,000 ordinary shares of 0.5 pence each to be
admitted to the Official List and to trading on the London Stock
Exchange's (the "Block Listing Shares").
Up to 7,500,000 ordinary shares will be issued from time to time
to satisfy the exercise of a portion of the outstanding equity
warrants in the Company. When issued, these ordinary shares shall
rank pari passu in all respects with the existing issued ordinary
shares of the Company.
It is expected that admission of the Block Listing Shares will
become effective on 1 December 2020. Following the admission, the
exercise of equity warrants will be covered by a block listing. The
Company will provide updates regarding the total number of shares
in issue and the number of warrants outstanding at the end of each
six month period and at such other times as required by the Listing
Rules.
Also, the Company announces that a project contractor has
elected to be paid in shares, rather than cash, in lieu of fees
payable. Accordingly, the Company will issue a total of 1,540,984
new ordinary shares in the Company ("Contractor Shares") at a price
of 6.1p per share (being the closing price as at 24 November 2020).
An application has been made for the Contractor Shares to be
admitted to trading on the London Stock Exchange with effect from
8.00 a.m. on 2 December 2020 ("Admission").
In accordance with the FCA's Disclosure Guidance and
Transparency Rules, the Company confirms that following the issue
of the Contractor Shares, the Company's enlarged issued ordinary
share capital will comprise 104,964,116 Ordinary Shares. The
Company does not hold any Ordinary Shares in Treasury. Therefore,
following Admission, the above figure may be used by shareholders
in the Company as the denominator for the calculations to determine
if they are required to notify their interest in, or a change to
their interest in the Company, under the FCA's Disclosure Guidance
and Transparency Rules.
For further information please contact:
Blencowe Resources Plc
Sam Quinn (London Director)
www.blencoweresourcesplc.com
Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Brandon Hill Capital Limited Tel: +44 (0)20 3463 5000
Jonathan Evans (Corporate Finance) jonathan.evans@brandonhillcapital.com
Background
Orom-Cross is a potential world class graphite project both by
size and end-product quality, with a high component of larger
flakes identified from previous work performed. A 21-year Mining
Licence was issued by the Ugandan Government in 2019 following
extensive historical work on the deposit.
Orom-Cross presents as a large, shallow open pitable deposit,
with an estimated resource in excess of 3 billion tonnes of
graphite. Development of the resource is expected to benefit from a
low strip ratio and free dig operations, thereby ensuring lower
operating and capital costs.
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END
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