Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Repayment of Loan
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, announces that it has issued 1,541,434 ordinary shares (the “Shares”) at a price of 3p per Share to satisfy the final repayment of the outstanding principal and interest, being £46,243.03, of the unsecured loan notes issued on 8 June 2015. Following this repayment there are no amounts outstanding in respect of the loan notes.
The Company has applied for admission of the 1,541,434 new Shares to trading on AIM. Dealings are expected to become effective on 26 February 2016 (‘Admission’). Following Admission, the Company will have 89,551,967 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 89,551,967 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|
|Christopher Raggett / Simon Hicks||+44 20 7220 0500|
|Joint Broker: Beaufort Securities Limited|
|Jon Belliss||+44 20 7382 8300|
|Press relations: St Brides Partners Ltd.|
|Susie Geliher / Charlotte Heap||+44 20 7236 1177|
Armadale Capital Plc is focussed on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors 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 a Feasibility Study for Mpokoto which demonstrated a pre-tax net present value of US$43m based upon a discount rate of 5% 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, as well as a number of other quoted investments.
More information can be found on the website www.armadalecapitalplc.com.