Armadale Capital Plc (‘Armadale’ or ‘the Company’) Issue of Ordinary Shares following Exercise of Conversion Rights
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, announces that it has received notice of exercise in respect of a further US$28,050 of the $480,000 convertible security issued on 16 October 2014 to Bergen Global Opportunity Fund, LP (“Bergen”), at a price of 0.025p per ordinary share. Accordingly the Company has today issued 76,660,000 ordinary shares to Bergen.
As announced on 18 March 2015, Armadale and Bergen have agreed that no further convertible securities will be issued under the funding facility provided by Bergen. The amount of the previously issued convertible security that is currently outstanding will be US$351,950 following this conversion and this amount may still be converted into ordinary shares.
The Company has applied for admission of the 76,660,000 new Shares to trading on AIM. Dealings are expected to become effective on 27 March 2015 (‘Admission’). Following Admission, the Company will have 5,481,121,330 Shares in issue with each Share carrying the right to one vote. There are no Shares currently held in treasury. The total number of voting rights in the Company therefore will be 5,481,121,330 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Rules and Transparency Rules.
|Charles Zorab, Company Secretary||+44 20 7233 1462|
Nomad and broker: finnCap Limited
|Stuart Andrews||+44 207 220 0500|
Joint broker: VSA Capital Limited
|Bhavesh Patel/Richard Buckle||+44 203 005 5000|
Press relations: St Brides Partners Ltd.
|Susie Geliher||+44 207 236 1177|
Armadale Capital Plc is focussed on investing in and developing a portfolio of investments, targeting the natural resources sector in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.
Armadale is focused on the development of the Mpokoto Gold project in the Democratic Republic of the Congo, in which it owns an 80% interest. Mpokoto has a current Total Mineral Resource of 678,000 oz gold (‘Au’) from 14.58 million tonnes (‘Mt’) @ 1.45g/t Au at a cut-off grade of 0.5g/t. The Company has recently announced the results of an Expanded Scoping Study for Mpokoto which demonstrated a post-tax net present value of US$55.3m based upon a discount rate of 8% and a gold price of US$1,250/oz. The Project is subject to four Mining Licences which are valid for an initial term of 30 years from 30 September 2014.
Armadale also currently holds approximately a 30% interest in Mine Restoration Investments Ltd, a South African listed company, which aims to develop profitable operations in South Africa through the briquetting and sale of coal fines in KwaZulu Natal, as well as a number of other quoted investments.
More information can be found on the website www.armadalecapitalplc.com.