Armadale Capital Plc REPLACEMENT: Exercise of Warrants and Issue of Equity

 
TIDMACP 
 
 

Armadale Capital Plc ('Armadale' or 'the Company')

Exercise of Warrants and Issue of Equity

Armadale, the AIM quoted investment company focused on natural resource projects in Africa, announces that it has received a notification from a warrant holder to exercise warrants over 453,749 ordinary shares of nominal value 2.2p per share in the capital of the Company ('Ordinary Shares'), providing the Company with gross proceeds of GBP9,982.47.

Application will be made to the London Stock Exchange to admit the 453,749 new Ordinary Shares to trading on AIM. Admission of the new Ordinary Shares is expected to occur on the 31 December 2019 ('Admission'). The new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Following Admission, the issued share capital of the Company will be 403,563,230 Ordinary Shares and this figure may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest, the Company, under the Disclosure Guidance and Transparency Rules published by the UK Financial Conduct Authority. There are no Ordinary Shares held in Treasury. Each Ordinary Share entitles the holder to a single vote at general meetings of the Company.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

**ENDS**

 
Enquiries: 
Armadale Capital Plc                     [phone] 
Tim Jones, Company Secretary 
Nomad and broker: finnCap Ltd            [phone] 
Christopher Raggett / Simon Hicks 
Joint Broker: SVS Securities             [phone] 
Tom Curran / Ben Tadd 
Press Relations: St Brides Partners Ltd  [phone] 
Isabel de Salis / Cosima Akerman 
 
 

Notes

Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.

The Company owns the Mahenge Liandu graphite project in south-east Tanzania, which is now its focus. The Project is located in a highly prospective region with a high-grade JORC compliant Indicated and inferred mineral resource estimate of 51.1Mt @ 9.3% TGC, making it one of the largest high-grade resources in Tanzania, and work to date has demonstrated Mahenge Liandu's potential as a commercially viable deposit with significant tonnage, high-grade coarse flake and near surface mineralisation (implying a low strip ratio) contained within one contiguous ore body.

Other assets Armadale has an interest in, include the Mpokoto Gold project in the Democratic Republic of Congo and a portfolio of quoted investments.

More information can be found on the website www.armadalecapitalplc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191227005147/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

December 27, 2019 08:00 ET (13:00 GMT)