Blencowe Resources PLC Placing to Raise GBP500,000 (9352L)
January 18 2021 - 2:00AM
UK Regulatory
TIDMBRES
RNS Number : 9352L
Blencowe Resources PLC
18 January 2021
Date: 18 January 2021
Blencowe Resources Plc
("Blencowe" or the "Company")
Placing to Raise GBP500,000 and Appointment of Joint-Broker
Blencowe Resources, the natural resources company focussed on
the development of the Orom-Cross Graphite Project in Uganda, is
pleased to announce that it has raised GBP500,000 in an
oversubscribed Placing at 8 pence per share. Placees have also
received an attaching half-warrant to subscribe for shares at 10
pence per share for a period of three years.
Funds will be used to advance the development of the Orom-Cross
Project and the Pre-Feasibility Study which is due to commence
following confirmation of the JORC Resource in the current
quarter.
The Company is also pleased to announce that it has appointed
First Equity Limited as joint broker to the Company with immediate
effect to work alongside the Company's existing broker Brandon Hill
Capital.
An application will be made for 6,250,000 Ordinary Shares to be
admitted to trading on the official list and the London Stock
Exchange with effect from 8.00 a.m. on 29 January 2021
("Admission").
In accordance with the FCA's Disclosure Guidance and
Transparency Rules, the Company confirms that following Admission,
the Company's enlarged issued ordinary share capital will comprise
116,214,116 Ordinary Shares. The Company does not hold any Ordinary
Shares in Treasury. Therefore, following Admission, the above
figure may be used by shareholders in the Company as the
denominator for the calculations to 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.
Cameron Pearce Executive Chairman commented:
"We are pleased to announce this relationship with First Equity
and their support underlines the growing realisation that there is
a paradigm shift occurring worldwide in the battery metals market,
as investors start to consider how important all the key products
that make up a lithium-ion battery will become into the future as
electric vehicle and other renewables sales begin to grow
exponentially. Blencowe Resources currently holds one of the
largest graphite deposits in the world and approximately 50% of the
weight of each and every Li-ion battery is graphite."
For further information please contact:
Blencowe Resources Plc
Sam Quinn
www.blencoweresourcesplc.com
Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Investor Enquiries
Sasha Sethi Tel: +44 (0) 7891 677 441
Email: sasha@flowcomms.com
Brandon Hill Capital Limited Tel: +44 (0)20 3463 5000
Jonathan Evans jonathan.evans@brandonhillcapital.com
First Equity Limited Tel: +44 (0)20 7330 1883
Jason Robertson jasonrobertson@firstequitylimited.com
Background
Orom-Cross is a potential world class graphite project both by
size and end-product quality, with a high component of larger
flakes identified from previous work performed. A 21-year Mining
Licence was issued by the Ugandan Government in 2019 following
extensive historical work on the deposit.
Orom-Cross presents as a large, shallow open pitable deposit,
with an estimated resource in excess of 3 billion tonnes of
graphite. Development of the resource is expected to benefit from a
low strip ratio and free dig operations, thereby ensuring lower
operating and capital costs.
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END
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