Blenheim Natural Resources PLC Nashwan Investment Update (8032N)

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RNS Number : 8032N

Blenheim Natural Resources PLC

11 August 2017

11 August 2017

BLENHEIM NATURAL RESOURCES PLC

("Blenheim" or the "Company")

Nashwan Investment Update

Further to the announcements made on 30 March 2017 and 27 April 2017 with regard to Blenheim's conditional investment into Nashwan Holdings Limited ("Nashwan"), Blenheim is pleased to confirm that it has been advised by Nashwan that it now holds Convention d'Etablissement permits for its prospective lithium project areas, Menianbala and Djidje, in Bougouni province, Mali.

Nashwan and Blenheim are confident that the final issuance of the Arrête permits, as required under Malian law, which confirm the grant of the exploration licences, will now be granted.

Further announcements will be made in due course detailing the planned work programme over the licence areas and confirming the formal grant of the exploration licenses.

Blenheim and Nashwan have now updated the terms of the Company's investment, such that the Company has taken unconditional ownership of 30 per cent of the issued share capital of Nashwan, with the consideration, being GBP200,000 in cash and the issue of 75,000,000 ordinary shares of 0.1p each in the capital of Blenheim, only becoming payable following the grant of the final exploration licences at both Menianbala and Djidje. GBP100,000 of the GBP200,000 cash consideration is to be invested directly into Nashwan by the vendor to fund prospecting and exploration costs, with no dilution to Blenheim's 30 per cent interest.

Blenheim's Chairman, Chris Ells, commented: "Blenheim is pleased that Nashwan has agreed the establishment conventions for the Menianbala and Djidje licences which will accelerate commencement of the work programme on these two licence areas.

The Company intends to make a further announcement on the work programme in the near future.

Blenheim is now entering an exciting phase in the Company's development as an investor in the fast growing lithium market and we look forward to reporting progress from our burgeoning interests in Mali."

Ends

For further information please contact:

 
                       Blenheim Natural       +44 (0) 1622 
Chris Ells              Resources Plc          844601 
 
Colin Aaronson/Jamie 
 Barklem/ Daniel       Grant Thornton UK      +44 (0) 20 
 Bush                   LLP                    7383 5100 
 
                                              +44 (0)1483 
Nick Emerson           SI Capital Ltd          413500 
Lucy Williams /        Peterhouse Corporate   +44 (0) 20 
 Duncan Vasey           Finance Limited        7469 0932 
                       Cornhill Capital       +44 (0) 20 
Nick Bealer             Limited                7710 9610 
 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 11, 2017 07:10 ET (11:10 GMT)