REG - Blencowe Resources - Publication of a Prospectus

Blencowe ResourcesAnnouncement

26/11/2024 12:15

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RNS Number : 7099N  Blencowe Resources PLC  26 November 2024

26 November 2024

Blencowe Resources Plc

("Blencowe" or the "Company")

Publication of Prospectus

Blencowe Resources Plc is pleased to announce that it has today published a
Prospectus for the issue of 37,711,260 New Ordinary Shares in connection with
the July and November Subscription and the issue of Fee Shares to strategic
partners of the Definitive Feasibility Study.

As announced on 22 July 2024, the Company completed a Subscription to raise
£159,063 through the issue of 3,181,260 New Ordinary Shares at an issue price
of 5 pence and an aggregate of 25,721,250 Fee Shares at an issue price of 5
pence with 22,030,000 Fee Shares to be issued on Admission and the balance of
3,691,250 to be issued and admitted to trading subject to the passing of
Resolutions at the General Meeting.

As announced on 6 November 2024, the Company completed a Subscription to raise
£500,000 through the issue of 12,500,000 New Ordinary Shares at an issue
price of 4 pence on Admission to be issued on Admission.

Following the July and November Subscription, the Company has raised gross
proceeds of approximately £659,000.

A copy of the Prospectus has been submitted to the National Storage Mechanism
and will shortly be available for inspection
at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. A copy will also
be made available on www.blencoweresourcesplc.com
(http://www.blencoweresourcesplc.com)

 Application to listing and trading

The Company will make an application for the 37,711,260 New Ordinary Shares to
be admitted to trading on the Equity Shares (transition) category of the
Official List and the Main Market of the London Stock Exchange at 8.00 a.m. on
2 December 2024. The expected timetable of principal events for Admission is
set out below. All references to time in this announcement are to London time.
Any changes to the expected timetable will be notified by the Company though
an RIS.

Total Voting Rights

The Company hereby notifies the market, in accordance with the FCA's
Disclosure Guidance and Transparency Rule 5.6.1, that on Admission, the
Company's expected issued share capital will consist of 292,076,620 Ordinary
Shares, each with one vote. The Company does not hold any Ordinary Shares in
Treasury. On Admission, the total number of voting rights in the Company is
expected to be 292,076,620 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.

Expected Timetable of Events

 Publication of the Prospectus                                         26 November 2024
 Admission and commencement of dealings in the Enlarged Share Capital  8.00 a.m. on 2 December 2024
 Crediting of New Ordinary Shares to CREST                             2 December 2024
 Certificates for the New Ordinary Shares                              Within 10 business days of Admission
 Date of General Meeting                                               10.00 a.m. on 19 December 2024

 

Notice of General Meeting

The Notice of a General Meeting of the Company, to be held on 19 December 2024
at 10.00 a.m. at 55 Athol Street, Douglas, Isle of Man, IM1 1LA is set out in
the Prospectus. A summary of the action you should take is set out in Part X
of the Prospectus and in the Form of Proxy.

Unless otherwise defined, capitalised terms used in this announcement shall
have the same meaning as set out in the Prospectus.

 

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 - Financial Adviser & Broker      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
completed a successful Pre-Feasibility Study on the Project in July 2022 and
is now within 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.

In 3Q 2024 Blencowe introduced a Joint Venture concept with experienced
downstream graphite processing partners to ultimately produce upgraded 99.95%
SPG in Uganda.  This strategy has several key advantages plus substantial
cost savings which will assist deliver a world class project once DFS is
completed.

 

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