Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
21 October 2015
Armadale Capital Plc
Result of General Meeting
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce that all resolutions were duly passed at the Company’s General Meeting held earlier today.
For further information please visit www.armadalecapitalplc.com or contact:
Armadale Capital plc
|Peter Marks, Chairman +44 207 233 1462|
|Charles Zorab, Investor Relations|
Nomad and broker: finnCap Ltd
|Christopher Raggett/Simon Hicks +44 (0) 207 220 0500|
Joint Broker: Beaufort Securities Ltd
|Jon Belliss +44 (0) 20 7382 8300|
Joint Broker: VSA Capital Ltd
|Andrew Raca/Richard Buckle +44 (0) 203 005 5000|
Press relations: St Brides Partners Ltd.
|Hugo de Salis/Charlotte Heap +44 (0) 207 236 1177|
Armadale Capital Plc is focused 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’s primary project is 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 Au from 14.58 Mt @ 1.45g/t Au at a cut-off grade of 0.5g/t. An Expanded Scoping Study for Mpokoto 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, focused on the processing and sale of coal fines in KwaZulu Natal, as well as a number of other quoted investments.