TIDMBRES
RNS Number : 7793I
Blencowe Resources PLC
16 December 2020
Date: 16 December 2020
Blencowe Resources Plc
("Blencowe" or the "Company")
Placing to Raise GBP300,000, Directors and CEO Purchase of
Shares, Issue of Options and Operational Update
Blencowe Resources, the natural resources company focussed on
the development of the Orom-Cross Graphite Project in Uganda, is
pleased to provide the following corporate and operational
update.
Highlights:
-- GBP300,000 new funds raised from existing shareholders and management at 6p per share
-- GBP75,000 of these new shares acquired by Directors and the CEO showing strong support
-- Directors and Senior Management issued with incentive share options
-- Drilling completed at world class Orom-Cross graphite project in Uganda
-- Samples recently sent to South Africa for assaying and maiden JORC Resource.
-- Further samples sent to highly accredited SGS Lakefield
laboratory in Canada for stage two metallurgical test work.
-- Results for both expected in 1Q 2021.
Fundraise and Purchase of Shares
The Company is pleased to announce that it has raised GBP300,000
from placees at 6 pence per share, including a total of GBP75,000
from the Directors including the Chairman (Cameron Pearce),
Director (Sam Quinn) and CEO (Mike Ralston) whom have subscribed
for GBP25,000 each respectively. Subscribers have also received an
attaching 1 for 1 warrant to subscribe for shares at 8 pence per
share for a period of three years. Funds will be used to advance
the Orom-Cross development into 2021.
Following the Placing, Mr Pearce now has a shareholding of
6,916,667 Ordinary Shares (6.3% of the enlarged share capital), Mr
Quinn has a shareholding of 4,666,667 Ordinary Shares (4.2% of the
enlarged share capital) and Mike Ralston has a shareholding of
2,625,000 Ordinary Shares (2.4% of the enlarged share capital).
An application has been made for 5,000,000 Ordinary Shares to be
admitted to trading on the London Stock Exchange with effect from
8.00 a.m. on 23 December 2020 ("Admission").
In accordance with the FCA's Disclosure Guidance and
Transparency Rules, the Company confirms that following Admission,
the Company's enlarged issued ordinary share capital will comprise
109,964,116 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.
Issue of Options
As set out in the Company's Prospectus, the Company intended to
issue options to Directors and senior management over 10% of the
issued share capital of the Company. Given the stage of development
of the Company and to properly align Directors and Senior
Management with shareholders, the Company now announces the grant
of 10 million options as set out below, at 6p per share, for a
period of five years. These options will not vest unless the share
price of the Company trades in excess of 10p per share for 10
consecutive days.
Cameron Pearce (Chairman) 2,500,000 GBP0.06
Mike Ralston (CEO) 2,500,00 GBP0.06
---------- --------
Lionshead Consultants 1,750,000 GBP0.06
Ltd (Sam Quinn) (Non
Exec Director)
---------- --------
Alexander Passmore 750,000 GBP0.06
(Non Exec Director)
---------- --------
Iain Wearing (COO) 2,500,000 GBP0.06
---------- --------
Operational Update
Blencowe has completed its 2,000m diamond drill program at
Orom-Cross and it is now awaiting assay results in South Africa, in
order to deliver its maiden JORC Resource for the project. In
parallel the Company is also awaiting metallurgical test results
from samples sent to SGS Lakefield in Toronto, one of the leading
experts in graphite concentrates and end-product formulation.
Following from these Blencowe will be moving to develop its
first commercial study for Orom-Cross during 1H 2021, which will
indicate the strong potential for an initial ten year mining
operation.
Cameron Pearce Executive Chairman commented:
"We are pleased to announce further cash has been raised to
extend all development work for Orom-Cross into 2021, with key
stakeholders contributing meaningfully in a show of faith. We
appreciate all their support and we look forward to a successful
year ahead with some significant milestones and continued progress.
Graphite is fast becoming one of the hottest commodities around as
electric vehicle (EV) expansion accelerates worldwide and Blencowe
is positioning itself strategically as a significant future player
in this space."
For further information please contact:
Blencowe Resources Plc
Sam Quinn (London Director)
www.blencoweresourcesplc.com
Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Investor Enquiries
Sasha Sethi Tel: +44 (0) 7891 677 441
Email: sasha@flowcomms.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.
The Notification of Dealing Form provided in accordance with the
requirements of the Market Abuse Regulation in relation to the
transaction listed above is set out below.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Cameron Pearce
--------------------------------------- --------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------------------
a) Position/status Chairman
--------------------------------------- --------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a) Name Blencowe Resources PLC
--------------------------------------- --------------------------------------------
b) LEI 213800UXIHBIRK36GG11
--------------------------------------- --------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------------------------
a) Description of the Ordinary shares
financial instrument,
type of instrument
Identification code GB00BFCMVS34
b) Nature of the transaction Purchase of shares following exercise
of warrants
--------------------------------------- --------------------------------------------
c) Price(s) and volume(s)
-------------------- -------------------
Price(s) Volume(s)
-------------------- -------------------
GBP0.06 416,667
----------------------------------------------------------------- -------------------
d) Aggregated information
- Aggregated volume 416,667
- Price GBP25,000
e) Date of the transaction 18/12/2020
--------------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Michael Ralston ATF the Ralston Family
Trust
--------------------------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------------------- ---------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name Blencowe Resources PLC
--------------------------------------- ---------------------------------------------
b) LEI 213800UXIHBIRK36GG11
--------------------------------------- ---------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------------
a) Description of the Ordinary shares
financial instrument,
type of instrument
Identification code GB00BFCMVS34
b) Nature of the transaction Purchase
--------------------------------------- ---------------------------------------------
c) Price(s) and volume(s)
-------------------- --------------------
Price(s) Volume(s)
-------------------- --------------------
GBP0.06 416,667
----------------------------------------------------------------- --------------------
d) Aggregated information
- Aggregated volume 416,667
- Price GBP25,000
e) Date of the transaction 18/12/2020
--------------------------------------- ---------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Lionshead Consultants Limited
--------------------------------------- ------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------------------- ------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Blencowe Resources PLC
--------------------------------------- ------------------------------------
b) LEI 213800UXIHBIRK36GG11
--------------------------------------- ------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of the Ordinary shares
financial instrument,
type of instrument
Identification code GB00BFCMVS34
b) Nature of the transaction Purchase
--------------------------------------- ------------------------------------
c) Price(s) and volume(s)
---------------- ---------------
Price(s) Volume(s)
---------------- ---------------
GBP0.06 416,667
------------------------------------------------------------- ---------------
d) Aggregated information
- Aggregated volume 416,667
- Price GBP25,000
e) Date of the transaction 18/12/2020
--------------------------------------- ------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Cameron Pearce
2. Mike Ralston
3. Alexander Passmore
4. Lionshead Consultants (S Quinn)
5. Iain Wearing
------------------------------- -------------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status 1. Director
2. Manager
3. Director
4. Director
5. Manager
------------------------------- -------------------------------------------------
b) Initial notification Intial Notification
/Amendment
------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name Blencowe Resources PLC
------------------------------- -------------------------------------------------
b) LEI 213800UXIHBIRK36GG11
------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------------------
a) Description of the Ordinary shares
financial instrument,
type of instrument
Identification code GB00BFCMVS34
b) Nature of the transaction Share Options
------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
-------------------- --------------
Price(s) Volume(s)
-------------------- --------------
1. 0.06 2,500,000
2. 0.06 2,500,000
3. 0.06 750,000
4. 0.06 1,750,000
5. 0.06 2,500,000
---------------------------------------------------------------- --------------
d) Aggregated information
- Aggregated volume N/A
- Price GBP0.06
e) Date of the transaction 18/12/2020
------------------------------- -------------------------------------------------
f) Place of the transaction London Stock Exchange
------------------------------- -------------------------------------------------
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END
MSCFFWEEIESSEDE
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December 16, 2020 02:00 ET (07:00 GMT)
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