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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hamak Gold Limited | LSE:HAMA | London | Ordinary Share | VGG4256S1048 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.725 | 0.70 | 0.75 | 0.725 | 0.705 | 0.725 | 74,414 | 08:00:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -684k | -0.0084 | -0.86 | 587.8k |
From Dec 2022 to Dec 2024
TIDMHAMA
RNS Number : 6515E
Hamak Gold Limited
03 July 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES, ANY TERRITORY OR POSSESSION THEREOF OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC LAW IN THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND ("UK") PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK MAR).
UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION (AS DEFINED IN UK MAR) IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
03 July 2023
Hamak Gold Limited
("Hamak Gold" or the "Company")
Subscription for new shares to raise GBP350,000 at 8.75 pence per share
Issue of Director Fee Shares
Drilling Contract Signed
Total Voting Rights
Subscription for new Shares
Hamak Gold Limited (LSE: HAMA) is pleased to announce that the Company and its broker Peterhouse Capital have raised gross proceeds of GBP350,000 (before expenses), from Directors, management, existing shareholders and new investors (the "Subscription") for 4,000,000 new ordinary shares of no par value ("Ordinary Shares") at a price of 8.75 pence each (the "Subscription Price") (the "Subscription Shares"), which is a discount of 5.4% to the closing price of 9.25 pence per Ordinary Share traded on the main market for listed securities (the "Main Market") of London Stock Exchange plc (the "LSE") on 30 June 2023. The Company has utilised existing shareholder authorities for the subscription.
The Subsciption is conditional only on admission of the Subscription Shares to listing on standard segment of the Official List ("Standard Listing") of the Financial Conduct Authority (the "FCA") and to trading on the Main Market of the LSE ("Admission").
Certain directors, management and related parties have subscribed for the following shares in the Subscription;
Hot Features
Premium
Name No. of Shares Subscription
Amount
Amara Kamara 137,143 GBP12,000
-------------- -------------
Karl Smithson 81,669 GBP7,146
-------------- -------------
Sara Smithson* 342,858 GBP30,000
-------------- -------------
Martin Lampshire 342,858 GBP30,000
-------------- -------------
Rowan Carr 417,548 GBP36,535
-------------- -------------
*Sara Smithson is spouse of Karl Smithson and related party for the purpose of the subscription
Issue of Shares in Lieu of Drilling Contract Fees
The Company further announces that it entered into a drilling contract with Cestos Drilling to undertake the next phase of drilling work, expected to total 1,000 metres ("m") of core drilling. Cestos Drilling was the contracting drill company that undertook the first successful drilling programme for Hamak Gold.
As part of the engagement, the Company has issued 359,955 new ordinary shares to a director of Cestos Drilling in lieu of certain drilling fees related to the programme, which are being issued at a price of 8.75 pence per share as part of the Subscription.
Use of Net Proceeds
The Company intends to use the net proceeds of the Subscription to fund the next phase of drilling at its Nimba licence in Liberia and for general working capital purposes.
An initial drilling programme intersected near surface gold mineralization of 20m @ 7grammes per tonne ("g/t") Au including 5m @ 22g/t Au that is associated with a 3 kilometre ("km") x 1km strong gold in soil anomaly and outcropping gold mineralized metadolerite unit. The Company recently announced the completion of an Induced Polarization geophysical survey across the discovery site which has identified a number of priority drill targets. The drilling will be aimed at extending the gold mineralization away from the discovey site. Mobilisation of the drill rig is expected to commence in the near future.
Issue of Shares in Lieu of Directors' Fees
The Company further announces that it has issued new ordinary shares to the following Directors in respect of fees earned for the quarter of March, April and May 2023.
The above fees are in line with the 2,520,000 Fee Shares arrangement that is set out in the Company's Prospectus, at the time of admission to the LSE on 1(st) March 2022 and are based on a price of 10 pence per share.
Directors continue to take shares in lieu of fees to conserve cash in the Company.
Name No. of Shares
Amara Kamara 145,000
--------------
Karl Smithson 125,000
--------------
Julius Baiden 50,000
--------------
Niall Young 50,000
--------------
Martin Lampshire 45,472
--------------
Total 415,472
--------------
Admission and Total Voting Rights
The Company has made applications to the FCA and the LSE to have 4,415,472 Ordinary Shares admitted to the Standard Listing and to trading on the Main Market with Admission expected to occur on or around 6 July 2023.
On Admission, the Company's issued share capital will comprise 50,148,050 Ordinary Shares, with each Ordinary Share carrying the right to one vote. Accordingly, the total number of voting rights in the Company will be 50,148,050 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.
Following the subscription and fee shares issue, the directors holdings are as follows:
Name Shares Held % of Issued
Share Capital
Amara Kamara 25,026,976 49.91%
------------ ---------------
Karl Smithson 4,071,391 9.38%
------------ ---------------
Martin Lampshire 1,675,034 3.34%
------------ ---------------
Julius Baiden 611,817 1.22%
------------ ---------------
Niall Young 461,817 0.92%
------------ ---------------
Karl Smithson, Executive Director of Hamak Gold commented:
"The funds raised will enable the Company to embark on the next phase of drilling aimed at expanding on the high-grade gold discovery made at the Nimba licence. We expect to mobilise the drill rig and geological team and be drilling in the near future.
"We are grateful for the ongoing support of shareholders, Directors, management and our drill contractor in supporting this capital raise in these challenging capital markets and we look forward to providing project updates as we progress."
For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Hamak Gold is Karl Smithson, Executive Director.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Nicholas Karl Smithson
2. Samuel Julius Baiden
3. Kenneth Niall Young
4. Amara Kamara
5. Martin Lampshire
---------------------------- ------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status 1. Executive Director
2. Non-Executive Director
3. Non-Executive Director
4. Executive Chairman
5. Non-Executive Director
---------------------------- ------------------------------------------------
b) Initial notification Amendment
/Amendment
---------------------------- ------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name Hamak Gold Limited
---------------------------- ------------------------------------------------
b) LEI 213800NL4ICLKYSYU749
---------------------------- ------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------
a) Description Ordinary Shares of no par value each
of the financial
instrument,
type of instrument ISIN: VGG4256S1048
Identification
code
---------------------------- ------------------------------------------------
b) Nature of Issue of Fee Shares (as applicable)
the transaction
---------------------------- ------------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) 1. N/A 1. 125,000
2. N/A 2. 50,000
3. N/A 3. 50,000
4. N/A 4. 145,000
6. N/A 6. 45,472
------------
---------------------------- ------------------------------------------------
d) Aggregated 415,472
information
Price N/A
---------------------------- ------------------------------------------------
e) Date of the 6.7.23
transaction
---------------------------- ------------------------------------------------
f) Place of the Outside a trading venue
transaction
---------------------------- ------------------------------------------------
4. Details of the transaction(s): section to be repeated
(cont,) for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------
a) Description Ordinary Shares of no par value each
of the financial
instrument,
type of instrument ISIN: VGG4256S1048
Identification
code
----------------------- ---------------------------------------------
b) Nature of Issue of Subscription Shares (as applicable)
the transaction
----------------------- ---------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) Martin Lampshire 8.75
pence 342,858
Amara Kamara 8.75 pence 137,143
Karl Smithson 8.75
pence 81,669
----------
----------------------- ---------------------------------------------
d) Aggregated 561,670
information
Price GBP49,146
----------------------- ---------------------------------------------
e) Date of the 6.7.23
transaction
----------------------- ---------------------------------------------
f) Place of Outside a trading venue
the transaction
----------------------- ---------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
----------------------------------------------------------------------
a) Name Sara Jane Smithson
----------------------- ---------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status Person closely associated with (i.e., spouse
of) Nicholas Karl Smithson
----------------------- ---------------------------------------------
b) Initial notification Amendment
/Amendment
----------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Hamak Gold Limited
----------------------- ---------------------------------------------
b) LEI 213800NL4ICLKYSYU749
----------------------- ---------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------
a) Description Ordinary Shares of no par value each
of the financial
instrument,
type of instrument ISIN: VGG4256S1048
Identification
code
----------------------- ---------------------------------------------
b) Nature of Issue of Subscription Shares (as applicable)
the transaction
----------------------- ---------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) 8.75 pence 342,858
----------
----------------------- ---------------------------------------------
d) Aggregated 342,858 Subscription Shares
information
Price GBP30,000.08
----------------------- ---------------------------------------------
e) Date of the 6.7.23
transaction
----------------------- ---------------------------------------------
f) Place of Outside a trading venue
the transaction
----------------------- ---------------------------------------------
- Ends -
For further information you are invited to view the company's website at www.hamakgold.com or please contact:
Hamak Gold Limited
Amara Kamara +231 (0) 77 005 0005
Karl Smithson +44 (0) 77 837 07971
Peterhouse Capital Limited (Broker)
Lucy Williams
Guy Miller +44 (0) 20 7469 0930
Yellow Jersey PR
Sarah Hollins
Annabelle Wills +44 (0) 20 3004 9512
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration of a portfolio of licences in highly prospective areas of Liberia, where significant drilling results have identified a new high-grade gold discovery with the discovery hole returning 20m @ 7g/t Au near surface.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
July 03, 2023 02:00 ET (06:00 GMT)
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