REG - Blencowe Resources - Fundraise of £1.12m and Exercise of Options at 6p

Blencowe ResourcesAnnouncement

12/09/2025 07:00

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RNS Number : 1186Z  Blencowe Resources PLC  12 September 2025

12 September 2025
 

 

Blencowe Resources Plc

("Blencowe" or the "Company")

 

Fundraise of £1.12m including the Exercise of Board Options at 6p

Funds Provide Clear Runway to DFS Completion and Project Financing

 

Blencowe Resources Plc (LSE: BRES), the natural resources company advancing
the Orom-Cross graphite project in Uganda, is pleased to announce that it has
completed an aggregate fundraise of £1,120,000 through a placing of
£1,020,000 and the exercise of Board options to raise a further £100,000.

The Company completed a placing of 21,473,683 new ordinary shares at a placing
price of 4.75p to raise £1,020,000 (the "Placing"). The Placing was
undertaken by the Company's broker, Tavira Financial Limited.

The Board and Senior Executive Management have exercised options at 6p, a
premium to the placing price, through the issue of 1,666,667 new ordinary
shares raising a further £100,000.

Use of Funds

The Company will deploy funds towards:

·    Completion of the DFS, scheduled for delivery in Q4 2025

·    Project financing work streams; and

·    General working capital

The Net Proceeds are more than sufficient to complete the Definitive
Feasibility Study ("DFS"), scheduled for publication in Q4 2025, while also
providing a clear runway to advance project financing immediately thereafter,
following the recent appointment of the Company's project finance adviser.

Investor Warrants

The Company will grant 1 warrant per 1 placing share, exercisable at 6.5p for
a period of two years from Admission.

Broker Warrants

The Company has granted Tavira 1,263,158 broker warrants, exercisable at 4.75p
for a period of three years from Admission.

 

 

 

 

 

Board Options

 

                      Options Exercised  Funds Raised at 6p  Current Holdings  Holdings on Admission  % Holding of the Enlarged Share Capital

 Executive Chairman:

 Cameron Pearce       833,333            £50,000             7,516,667         9,350,000              2.6
 Non-Exec Director:

 Sam Quinn            166,667            £10,000             5,666,667         5,833,334              1.6
 Non-Exec Director:

 Alex Passmore        166,667            £10,000             1,950,000         2,116,667              0.6
 CEO:

 Mike Ralston         333,333            £20,000             3,225,000         4,558,333              1.2

 COO:

 Iain Wearing         166,667            £10,000             6,658,333         8,491,666              2.3

 Total                1,666,667          £100,000            28,683,333        30,350,000             8.3

 

 

Cameron Pearce, Executive Chairman commented:

"This fundraise provides Blencowe with a clear runway not only to complete the
DFS, which is expected in Q4 2025, but also to move directly into our project
financing work streams. We are now entering a critical phase of value
creation, with a JORC Resource upgrade, DFS results, financing preparations,
and subsequent development all aligned.

The Board and Senior Executives have underlined their confidence by exercising
options at a premium to market, and we thank both existing and new
shareholders for their continued support.

We expect a strong period of newsflow ahead, including first drill results
from our successful infill campaign, a material JORC resource upgrade, and the
DFS itself. Together these milestones will reaffirm Orom-Cross as a
world-class graphite project, well positioned to secure the project finance
required to build a mine."

 

Admission of Shares and Total Voting Rights

Application has been made for an aggregate of 23,140,350 new ordinary shares
relating to the Placing and exercise of options to be admitted to trading on
the Equity (Transition) category of the Official List and the main market of
the London Stock Exchange, with admission expected at 8.00 a.m. on 17
September 2025 ("Admission").

In accordance with the FCA's Disclosure Guidance and Transparency Rules, the
Company confirms that following Admission, the Company's issued share capital
will comprise 365,525,827 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.

 

 

 

 

 

For further information please contact:

   Blencowe Resources Plc    www.blencoweresourcesplc.com

 Sam Quinn                   Tel: +44 (0)1624 681 250

                             info@blencoweresourcesplc.com (mailto:info@blencoweresourcesplc.com)

 Investor Relations          Tel: +44 (0) 7891 677 441

 Sasha Sethi                 sasha@flowcomms.com (mailto:sasha@flowcomms.com)

 Tavira Financial            Tel: +44 (0)20 3192 1733

 Jonathan Evans              jonathan.evans@tavira.group (mailto:jonathan.evans@tavira.group)

Twitter https://twitter.com/BlencoweRes (https://twitter.com/BlencoweRes)

LinkedIn https://www.linkedin.com/company/72382491/admin/
(https://www.linkedin.com/company/72382491/admin/)

 

 

Background

 

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and
end-product quality, with a high component of more valuable larger coarse
flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government
in 2019 following extensive historical work on the deposit.  Blencowe has
already completed a successful Pre-Feasibility Study on the Project and is now
within the final stage of the Definitive Feasibility Study phase as it drives
towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with an initial
JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total
Graphite Content). This Resource has been defined from only ~2% of the total
tenement area which presents considerable upside potential ahead.
Development of the resource is expected to benefit from a low strip ratio and
free dig operations together with abundant inexpensive hydro-electric power
off the national grid, thereby ensuring low operating costs.  With all major
infrastructure available at or near to site the capital costs will also be
relatively low in comparison to most graphite peers.

 

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