IronRidge Resources Limited Issue of Equity (6437S)

TIDMIRR

RNS Number : 6437S

IronRidge Resources Limited

22 December 2016

22 December 2016

IronRidge Resources Limited

(AIM: IRR)

Issue of Equity

The Board of IronRidge Resources Limited (IronRidge or the Company) wishes to advise of the allotment and issue of the following securities:

Fully-paid Ordinary Shares

The Company has today allotted and issued 1,211,222 Ordinary Shares to a number of executives by way of payment of employment related bonuses.

Application has been made for the new shares to be admitted to AIM and dealings in the new shares are expected to begin on or around 30(th) December 2016.

Unlisted Employment Options

The Company has today allotted and issued 8,500,000 unlisted employment options to its contractors and staff.

The options have a strike price of 30pence each and are exercisable through to 22 December 2018.

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Following the issue of these new securities, the Company now has in issue a total of 237,823,425 ordinary shares and 23,270,000 unlisted options.

For Further Information:

 
 IronRidge Resources Limited 
 Vincent Mascolo (Chief Executive       Tel: [phone] 
  Officer) 
 Nicholas Mather (Executive Chairman)   Tel: [phone] 
 
 SP Angel Corporate Finance LLP         Tel: [phone] 
                                         0470 
 Nominated Adviser and Broker 
 Jeff Keating 
 
 
  Yellow Jersey PR Limited                Tel: [phone] 
  Financial PR                            739 
  Dominic Barretto 
  Clare Glynn 
  Harriet Jackson 
 

Notes to Editors:

IronRidge Resources is an AIM listed mineral exploration company with frontier assets in both Australia and West Africa, with two province scale projects in Gabon, and promising and advanced titanium and bauxite projects in Queensland Australia. IronRidge's corporate strategy is to create and sustain shareholder value through the discovery of world-class and globally demanded commodities.

Australia

Monogorilby is prospective for province scale titania and bauxite with an initial maiden resource of 54.9MT of premium DSO bauxite Monogorilby is located in central Queensland, within a short trucking distance of the rail system leading north to the Port of Bundaberg. It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

May Queen is located in Central Queensland within its wholly owned Monogorilby license package and is highly prospective for gold with drill ready targets defined. Historic drilling completed during the 1980s intersected multiple high-grade gold intervals including 2m @ 73.4 g/t Au (including 1m at 145g/t), 4m @ 38.8g/t Au (at end of hole) and 3m @ 18.9g/t Au, over an approximate 100m strike hosting numerous parallel vein systems, open to the north-west and south-east.

Wholly owned Quaggy contains highly anomalous platinum, palladium, nickel, cobalt and copper exploration targets and is located in Central Queensland within a short trucking distance of the dormant rail system to the Port of Bundaberg. It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

Gabon

Tchibanga is located in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline. This project comprises two exploration licenses, Tchibanga and Tchibanga Nord, which cover a combined area of 3,396km(2) and include over 90km of prospective lithologies and the historic Mont Pele iron occurrence.

Belinga Sud is Located in the north east of Gabon in the Ogooue-Ivindo Province, approximately 400km east of the capital city of Libreville. IRR's licence lies between the main Belinga Iron Ore Deposit, believed to be one of the world's largest untapped reserves of iron ore with an estimated 1bt of iron ore at a grade >60% Fe, and the route of the Trans Gabonese railway, which currently carries manganese ore and timber from Franceville to the Port of Owendo in Libreville.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 1,400km(2) of highly prospective gold and other mineral projects in Chad, Central Africa. Under the terms of the agreement, IronRidge will acquire an initial 60% of Tekton, including its projects and team, to advance the Dorothe, Echbara and Am Ouchar licenses, which host multiple, potentially nation-building gold projects. Initial trenching results at Dorothe, including 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining over a confirmed 1km strike at an average of 2m and up to 5m true width across multiple stacked vein zones up to 200m wide with new hard-rock artisanal workings potentially extending strike to >3km.

Ghana

The Company entered into joint venture arrangements with Obotan Minerals Limited, Merlink Resources Limited and Barari Developments Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium resource, estimated to be in the order of 1.48Mt at 1.67% Li(2) O and surrounding tenements. The portfolio covers some 314km(2) with a further identified 20km strike of pegmatite vein swarms, tenure package is also highly prospective for tin, tantalum, niobium and gold which occur as accessory minerals within the pegmatites and host formations.

Ivory Coast

The Company entered into a joint venture arrangement with Enchi ProCI SA of the Ivory Coast, West Africa, securing the first access to highly prospective multiple untested pegmatite occurrences. The project area covers some 400km(2) with further identified outcrops some 25km apart along the interpreted trend. The project well located within 75km of the capital Abidjan; excellent infrastructure, logistics and services support for potential rapid development.

Corporate

IronRidge made its AIM debut in February 2015, successfully securing strategic alliances with three international companies; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia. Assore is a high- grade iron, chrome and manganese mining specialist. Sumitomo Corporation is a global resources, mining marketing and trading conglomerate. DGR Global is a project generation and exploration specialist.

The Board of Directors is represented by mining industry professionals with a broad range of corporate, exploration, production, contracting and capital markets experience. The Company was admitted on 12 February 2015 (Ticker Code IRR) and currently has 237,823,425 shares and 23,270,000 unlisted options on issue.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 22, 2016 09:31 ET (14:31 GMT)