TSX: ASO
AIM: ASO
TORONTO, Jan. 16, 2018 /CNW/ - Avesoro Resources Inc.
("Avesoro" or the "Company"), the TSX and AIM listed West African
gold producer, is pleased to announce that the consolidation of the
Company's issued and outstanding common shares ("Common Shares") on
the basis of one (1) post-consolidation Common Share for every
one-hundred (100) pre-consolidation Common Shares (the
"Consolidation"), approved at the special meeting of the common
shareholders of the Company held on December
14, 2017 (the "Meeting"), will be effective on January 24, 2018. The Common Shares are expected
to commence trading on the TSX and AIM on a post-consolidation
basis at the open of trading on each exchange on January 24, 2018.
The 8,156,075,823 Common Shares issued and outstanding prior to
the Consolidation will be reduced to approximately
81,560,758 Common Shares after giving effect to the
Consolidation. The exact number of Common Shares outstanding after
the Consolidation will vary based on the elimination of fractional
shares and will be announced shortly ahead of Admission of the
consolidated shares to trading. No fractional Common Shares will be
issued upon the Consolidation and all fractions of
post-consolidation Common Shares will be rounded down.
Letters of transmittal will be mailed to the registered holders
of the Common Shares, requesting that they surrender their
certificates representing the currently outstanding Common Shares
to the Company's registrar and transfer agent, Computershare
Investor Services Inc., for exchange for new common share
certificates representing post-consolidation Common Shares.
Non-registered shareholders of the Company holding their Common
Shares through a bank, broker or other nominee should note that
such banks, brokers or other nominees may have different procedures
for processing the proposed Consolidation than those that will be
put in place by the Company for registered shareholders. If you
hold your Common Shares with such a bank, broker or other nominee
and if you have any questions in this regard, you are encouraged to
contact your nominee.
Further details of the Consolidation are contained in the
Management Information Circular dated November 1, 2017 sent to the Company's
shareholders in connection with the Meeting and filed under the
Company's profile on SEDAR at www.sedar.com.
Timetable
Filing of post-dated
Articles of Amendment
|
January 19,
2018
|
Mail Letters of
Transmittal to Registered Shareholders
|
January 19,
2018
|
Record Date and
Adjustment of Share Registers
|
January 23,
2018
4.01 PM
EST
|
Legal Effectiveness
of Consolidation
|
January 24,
2018
12:01AM
EST
|
Shares commence
trading on the TSX and AIM on a post-consolidation basis
|
January 24,
2018
|
Admission to AIM
Application will be made for the up to 81,560,758 new common
shares in the Company to be Admitted to AIM at 8.00am GMT on January
24, 2018. The exact number of shares to be Admitted
will be announced at or around 7.00am
GMT on January 24, 2018.
Total Voting Rights
Following the Consolidation the Company shall have in issue
81,560,758 Common Shares with voting rights. Accordingly, the
figure of 81,560,758 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 and Transparency
Rules.
Block Listing Update
As disclosed in the Company's block listing update on
October 2, 2017, as at that date,
54,841,555 common shares in the Company were the subject of the
Company's block listing, pursuant to the Avesoro Resources Stock
Option Plan and Avesoro Resources Warrants. Since that update
375,000 common shares have been allotted pursuant to the Avesoro
Resources Stock Option Plan, leaving 54,466,555 common shares the
subject of the Company's Block Listing. The shares the
subject of the Company's block listing were originally admitted on
July 31, 2014 (47,818,744 common
shares) and September 29, 2011
(9,935,121 common shares). Pursuant to the Consolidation, the
Company has made application for the consolidated number of common
shares the subject of the Block Listing (544,665 common shares) to
trading on AIM at 8.00am GMT on
January 24, 2018. Therefore,
upon Admission, the Company shall have a total of up to 82,105,423
common shares admitted to trading, comprising of 81,560,758 common
shares allotted and admitted to trading, and 544,655 common shares
admitted to trading pursuant to the block listing. The Company
shall release its next 6 monthly block listing update in
April 2018, in line with the current
announcement schedule.
Trading codes
Following the Consolidation of the Company's common shares, the
ISIN and CUSIP of the Company's common shares will change to the
following:
|
Common Shares
(Unrestricted)
|
Common Shares
(Subject to 144A restriction)
|
ISIN
|
CA05366A3029
|
US05366A4013
|
CUSIP
|
05366A302
|
05366A401
|
The Company's LEI and TIDM codes will remain the same.
Appointment of Beaufort Securities
The Company is pleased to announce the appointment of Beaufort
Securities Limited as its Joint Broker with a retail focus with
immediate effect. Hannam and Partners (Advisory) LLP continues to
act as Joint Broker to the Company, whilst Numis Securities Limited
continues to act as Nominated Advisor and Joint Broker to the
Company.
About Avesoro Resources Inc.
Avesoro Resources is a West
Africa focused gold producer and development company that
operates three gold mines across West
Africa and is listed on the Toronto Stock Exchange ("TSX")
and the AIM market operated by the London Stock Exchange ("AIM").
The Company's assets include the New Liberty Gold Mine in
Liberia (the "New Liberty Gold
Mine" or "New Liberty") and the Youga and Balogo Gold mines in
Burkina Faso ("Youga" and
"Balogo").
New Liberty has an estimated proven and probable mineral reserve
of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an
estimated measured and indicated mineral resource of 9.6Mt with
985,000 ounces of gold grading 3.2g/t and an estimated inferred
mineral resource of 6.4Mt with 620,000 ounces of gold grading
3.0g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in an NI 43-101 compliant Technical Report dated November 1, 2017 and entitled "New Liberty Gold
Mine, Bea Mountain Mining Licence Southern Block, Liberia, West
Africa" and is available on SEDAR at www.sedar.com.
Youga and Balogo have a combined estimated proven and probable
mineral reserve of 9.3Mt with 513,000 ounces of gold grading 1.7g/t
and a combined estimated indicated mineral resource of 16.05Mt with
801,600 ounces of gold grading 1.55g/t and a combined inferred
mineral resource of 13Mt with 655,000 ounces of gold grading
1.57g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in two NI 43-101 compliant Technical Reports, dated
June 16, 2017 entitled "Mineral
Resource and Mineral Reserve Update for the Balogo Project" and
dated June 19, 2017 and entitled
"Mineral Resource and Mineral Reserve Update for the Youga and
Ouaré Projects" and are available on SEDAR at www.sedar.com.
For more information, please visit www.avesoro.com
Qualified Persons
The Company's Qualified Person is Mark
J. Pryor, who holds a BSc (Hons) in Geology & Mineralogy
from Aberdeen University, United Kingdom and is a Fellow of the
Geological Society of London, a
Fellow of the Society of Economic Geologists and a registered
Professional Natural Scientist (Pr.Sci.Nat) of the South African
Council for Natural Scientific Professions. Mark Pryor is an independent technical
consultant with over 25 years of global experience in exploration,
mining and mine development and is a "Qualified Person" as defined
in National Instrument 43 -101 "Standards of Disclosure for Mineral
Projects" of the Canadian Securities Administrators and has
reviewed and approved the scientific and technical disclosures
contained in this announcement.
SOURCE Avesoro Resources Inc.