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JAN Jangada Mines Plc

1.85
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jangada Mines Plc LSE:JAN London Ordinary Share GB00BZ11WQ61 ORD GBP0.0004
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.85 1.70 2.00 1.85 1.85 1.85 1,167 07:43:32
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Miscellaneous Metal Ores,nec 0 -936k -0.0036 -5.14 4.78M

Jangada Mines PLC Investee Company Update: Blencowe Resources PLC (8815Z)

18/05/2023 9:52am

UK Regulatory


Jangada Mines (LSE:JAN)
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TIDMJAN

RNS Number : 8815Z

Jangada Mines PLC

18 May 2023

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

18 May 2023

Jangada Mines plc ('Jangada')

Investee Company Update: Blencowe Resources PLC

Jangada Mines plc is pleased to note the announcement released by Blencowe Resources PLC (LON:BRES) in which it holds a c. 9.5% interest. The announcement is set out below without material changes.

Start of Blencowe Resources PLC announcement

Date: 18 May 2023

Blencowe Resources Plc

("Blencowe" or the "Company")

Placing to Raise GBP635,000

Blencowe Resources Plc ("Blencowe Resources" or the "Company") (LSE: BRES), the natural resources company focussed on the development of the Orom-Cross Graphite Project in Uganda, is pleased to announce that it has raised GBP635,000 at 5 pence per share ("Placing") through the issue of 12,700,000 new ordinary shares of 0.5p ("Placing Shares"). The Company will issue investors in the Placing with 1 warrant per 2 Placing Shares (Investor Warrants") which are exercisable at 8p for a period of 3 years from Admission of the Placing Shares.

Use of Funds

The net proceeds of the Placing will be used to maintain momentum on the Definitive Feasibility Study ("DFS") work, which has been underway since start of 2023, and is managed by leading firm CPC Engineering.

The Company recently announced it had passed the key screening hurdles by the Development Finance Corporation ("DFC") regarding a US$4.5M Technical Assistance Grant ("TAG") to fund 50% of the DFS. The Company expects to complete the process of obtaining the TAG with DFC over the coming weeks and then be able to draw down funds for the DFS work. The net proceeds allows the Company to avoid any immediate delay to the DFS programme whilst the DFC grant is being finalised.

In parallel, the Company awaits results from its metallurgical testing programs in both China and the United States of America. In January 2023 the Company delivered 20kgs of concentrate to technical experts in Wuhan University of Technology in China and 5kgs to American Energy Technologies Co. for SPG and expandables testing. A further 100 tonnes bulk sample has been extracted and is in transit to Jilin Huiyang New Material Technology Company, with results expected to reconfirm historic results of IMO testing in Perth, which demonstrated concentrates from Orom-Cross is of consistently high quality. The net proceeds will enable the Company to accelerate these discussions.

Related Party Transaction

RAB Capital, Jangada Mines plc and JUB Capital are considered related parties on the basis their respective holdings are greater than 5%. The major shareholders participated in the Placing which is deemed a related party transaction as defined under DTR 7.3. The Board considers their participation in the Placing are fair and reasonable insofar as the Company's shareholders are concerned having taken financial advice from its financial adviser Tavira Financial Ltd given the Board does not have an independent director.

Major Shareholder

 
 Major Shareholder    Placing Shares   % of the Placing 
 Jangada Mines plc    2,000,000        15.7 
                     ---------------  ----------------- 
 RAB Capital          1,500,000        11.8 
                     ---------------  ----------------- 
 JUB Capital          800,000          6.3 
                     ---------------  ----------------- 
 

Admission

An application has been made for 12,700,000 Ordinary Shares to be admitted to trading on the official list and the London Stock Exchange from 8.00 a.m. on 23 May 2023 ("Admission").

In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company's enlarged issued ordinary share capital will comprise 209,379,950 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to 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.

Cameron Pearce Executive Chairman commented:

"We are very pleased to secure additional funding to continue the DFS work programmes without delay. The DFC grant should be completed in the near future and the Company is focused on maintaining the momentum to optimise the benefits of this.

Securing the support of a tier one financial institution such as the DFC provides the Project and our Company with a high degree of credibility and we are working through the process with the DFC so that they may formally join as our partner on the balance of the DFC work.

At the same time we are making progress on our metallurgical studies in China and the US, with initial results expected in the near term. A favourable outcome in the test work has the potential to ultimately provide a funding solution for Orom-Cross to first production.

I look forward to providing further updates in the coming weeks."

End of Blencowe Resources PLC announcement

**ENDS**

For further information please visit www.jangadamines.com or contact:

 
 Jangada Mines plc         Brian McMaster (Chairman)   Tel: +44 (0)20 7317 6629 
 Strand Hanson Limited     Ritchie Balmer              Tel: +44 (0)20 7409 3494 
  (Nominated & Financial    James Spinney 
  Adviser) 
 
 Tavira Securities         Jonathan Evans              Tel: +44 (0)20 7100 5100 
  Limited 
  (Broker) 
 
 St Brides Partners        Ana Ribeiro                 jangada@stbridespartners.co.uk 
  Ltd                       Isabel de Salis 
  (Financial PR) 
 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IOEFIFSTETITLIV

(END) Dow Jones Newswires

May 18, 2023 04:52 ET (08:52 GMT)

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