TIDMHAMA
RNS Number : 6515E
Hamak Gold Limited
03 July 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES, ANY TERRITORY OR
POSSESSION THEREOF OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC
LAW IN THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND
("UK") PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED
IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS
CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN
PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK
MAR).
UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION
(AS DEFINED IN UK MAR) IN A MARKET SOUNDING ARE NO LONGER IN
POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
03 July 2023
Hamak Gold Limited
("Hamak Gold" or the "Company")
Subscription for new shares to raise GBP350,000 at 8.75 pence
per share
Issue of Director Fee Shares
Drilling Contract Signed
Total Voting Rights
Subscription for new Shares
Hamak Gold Limited (LSE: HAMA) is pleased to announce that the
Company and its broker Peterhouse Capital have raised gross
proceeds of GBP350,000 (before expenses), from Directors,
management, existing shareholders and new investors (the
"Subscription") for 4,000,000 new ordinary shares of no par value
("Ordinary Shares") at a price of 8.75 pence each (the
"Subscription Price") (the "Subscription Shares"), which is a
discount of 5.4% to the closing price of 9.25 pence per Ordinary
Share traded on the main market for listed securities (the "Main
Market") of London Stock Exchange plc (the "LSE") on 30 June 2023.
The Company has utilised existing shareholder authorities for the
subscription.
The Subsciption is conditional only on admission of the
Subscription Shares to listing on standard segment of the Official
List ("Standard Listing") of the Financial Conduct Authority (the
"FCA") and to trading on the Main Market of the LSE
("Admission").
Certain directors, management and related parties have
subscribed for the following shares in the Subscription;
Name No. of Shares Subscription
Amount
Amara Kamara 137,143 GBP12,000
-------------- -------------
Karl Smithson 81,669 GBP7,146
-------------- -------------
Sara Smithson* 342,858 GBP30,000
-------------- -------------
Martin Lampshire 342,858 GBP30,000
-------------- -------------
Rowan Carr 417,548 GBP36,535
-------------- -------------
*Sara Smithson is spouse of Karl Smithson and related party for
the purpose of the subscription
Issue of Shares in Lieu of Drilling Contract Fees
The Company further announces that it entered into a drilling
contract with Cestos Drilling to undertake the next phase of
drilling work, expected to total 1,000 metres ("m") of core
drilling. Cestos Drilling was the contracting drill company that
undertook the first successful drilling programme for Hamak
Gold.
As part of the engagement, the Company has issued 359,955 new
ordinary shares to a director of Cestos Drilling in lieu of certain
drilling fees related to the programme, which are being issued at a
price of 8.75 pence per share as part of the Subscription.
Use of Net Proceeds
The Company intends to use the net proceeds of the Subscription
to fund the next phase of drilling at its Nimba licence in Liberia
and for general working capital purposes.
An initial drilling programme intersected near surface gold
mineralization of 20m @ 7grammes per tonne ("g/t") Au including 5m
@ 22g/t Au that is associated with a 3 kilometre ("km") x 1km
strong gold in soil anomaly and outcropping gold mineralized
metadolerite unit. The Company recently announced the completion of
an Induced Polarization geophysical survey across the discovery
site which has identified a number of priority drill targets. The
drilling will be aimed at extending the gold mineralization away
from the discovey site. Mobilisation of the drill rig is expected
to commence in the near future.
Issue of Shares in Lieu of Directors' Fees
The Company further announces that it has issued new ordinary
shares to the following Directors in respect of fees earned for the
quarter of March, April and May 2023.
The above fees are in line with the 2,520,000 Fee Shares
arrangement that is set out in the Company's Prospectus, at the
time of admission to the LSE on 1(st) March 2022 and are based on a
price of 10 pence per share.
Directors continue to take shares in lieu of fees to conserve
cash in the Company.
Name No. of Shares
Amara Kamara 145,000
--------------
Karl Smithson 125,000
--------------
Julius Baiden 50,000
--------------
Niall Young 50,000
--------------
Martin Lampshire 45,472
--------------
Total 415,472
--------------
Admission and Total Voting Rights
The Company has made applications to the FCA and the LSE to have
4,415,472 Ordinary Shares admitted to the Standard Listing and to
trading on the Main Market with Admission expected to occur on or
around 6 July 2023.
On Admission, the Company's issued share capital will comprise
50,148,050 Ordinary Shares, with each Ordinary Share carrying the
right to one vote. Accordingly, the total number of voting rights
in the Company will be 50,148,050 and this figure may be used by
shareholders as the denominator for the calculations by which they
will 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.
Following the subscription and fee shares issue, the directors
holdings are as follows:
Name Shares Held % of Issued
Share Capital
Amara Kamara 25,026,976 49.91%
------------ ---------------
Karl Smithson 4,071,391 9.38%
------------ ---------------
Martin Lampshire 1,675,034 3.34%
------------ ---------------
Julius Baiden 611,817 1.22%
------------ ---------------
Niall Young 461,817 0.92%
------------ ---------------
Karl Smithson, Executive Director of Hamak Gold commented:
"The funds raised will enable the Company to embark on the next
phase of drilling aimed at expanding on the high-grade gold
discovery made at the Nimba licence. We expect to mobilise the
drill rig and geological team and be drilling in the near
future.
"We are grateful for the ongoing support of shareholders,
Directors, management and our drill contractor in supporting this
capital raise in these challenging capital markets and we look
forward to providing project updates as we progress."
For the purposes of UK MAR, the person responsible for arranging
release of this announcement on behalf of Hamak Gold is Karl
Smithson, Executive Director.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Nicholas Karl Smithson
2. Samuel Julius Baiden
3. Kenneth Niall Young
4. Amara Kamara
5. Martin Lampshire
---------------------------- ------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status 1. Executive Director
2. Non-Executive Director
3. Non-Executive Director
4. Executive Chairman
5. Non-Executive Director
---------------------------- ------------------------------------------------
b) Initial notification Amendment
/Amendment
---------------------------- ------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name Hamak Gold Limited
---------------------------- ------------------------------------------------
b) LEI 213800NL4ICLKYSYU749
---------------------------- ------------------------------------------------
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 Ordinary Shares of no par value each
of the financial
instrument,
type of instrument ISIN: VGG4256S1048
Identification
code
---------------------------- ------------------------------------------------
b) Nature of Issue of Fee Shares (as applicable)
the transaction
---------------------------- ------------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) 1. N/A 1. 125,000
2. N/A 2. 50,000
3. N/A 3. 50,000
4. N/A 4. 145,000
6. N/A 6. 45,472
------------
---------------------------- ------------------------------------------------
d) Aggregated 415,472
information
Price N/A
---------------------------- ------------------------------------------------
e) Date of the 6.7.23
transaction
---------------------------- ------------------------------------------------
f) Place of the Outside a trading venue
transaction
---------------------------- ------------------------------------------------
4. Details of the transaction(s): section to be repeated
(cont,) 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 Ordinary Shares of no par value each
of the financial
instrument,
type of instrument ISIN: VGG4256S1048
Identification
code
----------------------- ---------------------------------------------
b) Nature of Issue of Subscription Shares (as applicable)
the transaction
----------------------- ---------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) Martin Lampshire 8.75
pence 342,858
Amara Kamara 8.75 pence 137,143
Karl Smithson 8.75
pence 81,669
----------
----------------------- ---------------------------------------------
d) Aggregated 561,670
information
Price GBP49,146
----------------------- ---------------------------------------------
e) Date of the 6.7.23
transaction
----------------------- ---------------------------------------------
f) Place of Outside a trading venue
the transaction
----------------------- ---------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
----------------------------------------------------------------------
a) Name Sara Jane Smithson
----------------------- ---------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status Person closely associated with (i.e., spouse
of) Nicholas Karl Smithson
----------------------- ---------------------------------------------
b) Initial notification Amendment
/Amendment
----------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Hamak Gold Limited
----------------------- ---------------------------------------------
b) LEI 213800NL4ICLKYSYU749
----------------------- ---------------------------------------------
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 Ordinary Shares of no par value each
of the financial
instrument,
type of instrument ISIN: VGG4256S1048
Identification
code
----------------------- ---------------------------------------------
b) Nature of Issue of Subscription Shares (as applicable)
the transaction
----------------------- ---------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) 8.75 pence 342,858
----------
----------------------- ---------------------------------------------
d) Aggregated 342,858 Subscription Shares
information
Price GBP30,000.08
----------------------- ---------------------------------------------
e) Date of the 6.7.23
transaction
----------------------- ---------------------------------------------
f) Place of Outside a trading venue
the transaction
----------------------- ---------------------------------------------
- Ends -
For further information you are invited to view the company's
website at www.hamakgold.com or please contact:
Hamak Gold Limited
Amara Kamara +231 (0) 77 005 0005
Karl Smithson +44 (0) 77 837 07971
Peterhouse Capital Limited (Broker)
Lucy Williams
Guy Miller +44 (0) 20 7469 0930
Yellow Jersey PR
Sarah Hollins
Annabelle Wills +44 (0) 20 3004 9512
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed
on gold exploration of a portfolio of licences in highly
prospective areas of Liberia, where significant drilling results
have identified a new high-grade gold discovery with the discovery
hole returning 20m @ 7g/t Au near surface.
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END
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