REG - Armadale Capital PLC - Director/PDMR Shareholding and TVR

Armadale CapitalAnnouncement

11/03/2022 14:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220311:nRSK5474Ea&default-theme=true

RNS Number : 5474E  Armadale Capital PLC  11 March 2022

 

Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company

 

11 March 2022

 

 

Armadale Capital Plc

('Armadale' or 'the Company')

 

Director/PDMR Shareholding and TVR

 

 

Armadale Capital plc, the AIM quoted investment group focused on natural
resource projects in Africa, announces that it has received from Matt Bull, a
director, an exercise notice for 7,852,273 warrants to subscribe for ordinary
shares of 0.1 pence each in the capital of the Company ("Ordinary Shares"), at
an exercise price of 2.2 pence per Ordinary Share, raising £172,750.
Accordingly, pursuant to the block admission arrangements announced on 18 June
2020 and 28 June 2021, it has issued 7,852,273 Ordinary Shares to Mr Bull
which rank pari passu with the Company's existing Ordinary Shares.

Following the issue of these new Ordinary Shares, the Company's total issued
share capital consists of 548,193,824 Ordinary Shares with no shares held in
Treasury.  This figure may be used as the denominator for the calculations by
which shareholders can determine if they are required to notify their interest
in, or a change to their interest in, the Company.

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU No.
596/2014) which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

 

 

 Enquiries:
 Armadale Capital Plc                                    +44 (0) 20 7236 1177

 Nick Johansen, Chairman

 Tim Jones, Company Secretary
 Nomad and broker: finnCap Ltd                           +44 (0) 20 7220 0500

 Christopher Raggett / Seamus Fricker / Teddy
 Whiley

 

 

Notes

Armadale's wholly-owned Mahenge Liandu Graphite Project is located in a highly
prospective region, with a high-grade JORC compliant indicated and inferred
mineral resource estimate announced February 2018 - 59.5Mt at 9.8% TGC. This
includes 11.5Mt @ 10.5% Measured 32.Mt Indicted at 9.6% and 15.9Mt at 9.8%
TGC, making it one of the largest high-grade resources in Tanzania.

The work to date has demonstrated the Project'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.

The Company's updated Definitive Feasibility Study (June 2020) confirmed
Mahenge as a long-life low-cost graphite project with a US$430m NPV and IRR of
91% based on a two-stage expansion strategy comprising:

·      Stage One - processing plant and infrastructure at a nominal
design basis rate of 0.4-0.5 Mt/pa to produce a nominal 60,000t/pa graphite
concentrate in the first three years of production

·      Stage Two - a second 0.5 Mt/y plant and associated additional
infrastructure doubling throughput to 1 Mt/y from Year 5 of operation

The DFS shows that Armadale can be a significant low-cost supplier to the
graphite industry with the potential to generate pre-tax cashflows of US$985m
over an initial 15 year mine-life and scope for further improvement as this
utilises just 25% of the current resource, which remains open in multiple
directions.

Projected timeline to first production is expected to be approximately 10-12
months from the start of construction and the capital cost estimate for Stage
1 is US$39.7m, which includes a contingency of U$S4.1m or 15% of total direct
capital cost, with a 1.6 year payback for Stage 1 (after tax) based on an
average sales price of US$1,112/t. Stage 2 expansion is expected to be funded
from cashflow.

More information can be found on the website www.armadalecapitalplc.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.armadalecapitalplc.com&esheet=52244720&newsitemid=20200702005192&lan=en-US&anchor=www.armadalecapitalplc.com&index=1&md5=7209221bbf1231bc13f525c3f5835785)
.

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them are set
out below pursuant to the EU Market Abuse regulation.

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Matthew Bull

 2    Reason for the notification

 a)   Position/status                                              Technical Director & Non-Executive Director

 b)   Initial notification /Amendment                              Initial

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Armadale Capital plc

 b)   LEI                                                          213800495EK876JETD10

 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 of the financial instrument, type of instrument  0.1p Ordinary Shares

      Identification code

                                                                   ISIN: GB00BYMSY631

 b)   Nature of the transaction                                     Exercise of warrants

 c)   Price(s) and volume(s)                                       Price(s)  Volume(s)

                                                            2.2p      7,852,273

 d)   Aggregated information                                       N/A

      - Aggregated volume

      - Price
 e)   Date of the transaction                                      11 March 2022

 f)   Place of the transaction                                     Outside a trading venue

d)

 

Aggregated information

- Aggregated volume

- Price

N/A

 

 

e)

 

Date of the transaction

 

11 March 2022

f)

 

Place of the transaction

 

Outside a trading venue

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHFLFVSVEILLIF