26 November 2024
Blencowe Resources
Plc
("Blencowe" or the
"Company")
Publication of
Prospectus
Blencowe Resources Plc is pleased to
announce that it has today published a Prospectus for the issue of
37,711,260 New Ordinary Shares in connection with the July and
November Subscription and the issue of Fee Shares to strategic
partners of the Definitive Feasibility Study.
As announced on 22 July 2024, the
Company completed a Subscription to raise £159,063 through the
issue of 3,181,260 New Ordinary Shares at an issue price of 5 pence
and an aggregate of 25,721,250 Fee Shares at an issue price of 5
pence with 22,030,000 Fee Shares to be issued on Admission and the
balance of 3,691,250 to be issued and admitted to trading subject
to the passing of Resolutions at the General Meeting.
As announced on 6 November 2024, the
Company completed a Subscription to raise £500,000 through the
issue of 12,500,000 New Ordinary Shares at an issue price of 4
pence on Admission to be issued on Admission.
Following the July and November
Subscription, the Company has raised gross proceeds of
approximately £659,000.
A copy of the Prospectus has been
submitted to the National Storage Mechanism and will shortly be
available for inspection
at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. A
copy will also be made available on www.blencoweresourcesplc.com
Application to listing and
trading
The Company will make an application
for the 37,711,260 New Ordinary Shares to be admitted to trading on
the Equity Shares (transition) category of the Official List and
the Main Market of the London Stock Exchange at 8.00 a.m. on 2
December 2024. The expected timetable of principal events for
Admission is set out below. All references to time in this
announcement are to London time. Any changes to the expected
timetable will be notified by the Company though an RIS.
Total Voting Rights
The Company hereby notifies the
market, in accordance with the FCA's Disclosure Guidance and
Transparency Rule 5.6.1, that on Admission, the Company's expected
issued share capital will consist of 292,076,620 Ordinary Shares,
each with one vote. The Company does not hold any Ordinary Shares
in Treasury. On Admission, the total number of voting rights in the
Company is expected to be 292,076,620 and this figure 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 Guidance and Transparency Rules.
Expected Timetable of Events
|
Publication of the
Prospectus
|
26 November 2024
|
|
Admission and commencement of
dealings in the Enlarged Share Capital
|
8.00 a.m. on 2 December
2024
|
|
Crediting of New Ordinary Shares to
CREST
|
2 December 2024
|
|
Certificates for the New Ordinary
Shares
|
Within 10 business days of
Admission
|
|
Date of General Meeting
|
10.00 a.m. on 19 December
2024
|
Notice of General Meeting
The Notice of a General Meeting of
the Company, to be held on 19 December 2024 at 10.00 a.m. at 55
Athol Street, Douglas, Isle of Man, IM1 1LA is set out in the
Prospectus. A summary of the action you should take is set out in
Part X of the Prospectus and in the Form of Proxy.
Unless otherwise defined, capitalised terms used in this
announcement shall have the same meaning as set out in the
Prospectus.
For further information please
contact:
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite
Project
Orom-Cross is a potential world
class graphite project both by size and end-product quality, with a
high component of more valuable larger coarse flakes within the
deposit.
A 21-year Mining Licence for the
project was issued by the Ugandan Government in 2019 following
extensive historical work on the deposit. Blencowe completed
a successful Pre-Feasibility Study on the Project in July 2022 and
is now within the Definitive Feasibility Study phase as it drives
towards first production.
Orom-Cross presents as a large,
shallow open-pitable deposit, with an initial JORC Indicated &
Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite
Content). This Resource has been defined from only ~2% of the total
tenement area which presents considerable upside potential
ahead. Development of the resource is expected to benefit
from a low strip ratio and free dig operations together with
abundant inexpensive hydro-electric power off the national grid,
thereby ensuring low operating costs. With all major
infrastructure available at or near to site the capital costs will
also be relatively low in comparison to most graphite
peers.
In 3Q 2024 Blencowe introduced a
Joint Venture concept with experienced downstream graphite
processing partners to ultimately produce upgraded 99.95% SPG in
Uganda. This strategy has several key advantages plus
substantial cost savings which will assist deliver a world class
project once DFS is completed.