REG - Bluebird Mining Vnt. - Issue of Equity

Bluebird Mining VenturesAnnouncement

14/10/2024 12:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241014:nRSN0763Ia&default-theme=true

RNS Number : 0763I  Bluebird Mining Ventures Limited  14 October 2024

Bluebird Mining Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector: Mining

14 October 2024

Bluebird Mining Ventures Ltd

('Bluebird' or 'the Company')

 

Issue of Equity

 

Bluebird Mining Ventures Ltd, a gold project development company, is pleased
to announce an update on the Placing announced on 3 October 2024, initiated to
enable shareholders and new investors to participate on the same Terms as the
Directors, management and advisors fee conversions of £286,076 into equity
("Fee Conversion Shares").

 

£62,000 has been raised in the Placing at a price 1p per share ("Placing
Shares"), so accordingly, the £350,000 definitive loan amount ('the Loan'),
has been reduced to £288,000 and will be disbursed in 12 equal monthly
tranches.  The Loan, which has been split equally between Catalyse Capital
Ltd ("Catalyse") and Tracarta Ltd ("Tracarta"), was formulated as the Board
believes that the Company is currently materially undervalued and the
utilisation of the capital markets at this point would be detrimental to all
stakeholders.   A total of 6,200,000 Placing Shares has been issued.

 

A total of 43,031,705 Fee Conversions Shares have been issued.

 

Additionally, 5,000,000 of shares have been issued resulting from the
conversion of a short term loan from Catalyse of £50,000 ("Short Term Loan
Conversion Shares") on the same terms as the Placing.

 

18,750,000 warrants at 1.5p with an expiry date of 30 September 2027 have been
issued to each of Catalyse and Tracarta associated with the Loan.
Furthermore, 54,231,705 warrants at 1.25p with an expiry date of 10 October
2025 have been issued to various parties associated with the Placing Shares,
Fee Conversion Shares and the Short Term Loan Conversion Shares.  The
warrants have an accelerator whereby if the share price trades at a 10-day
VWAP of 1.5p then the warrants must be exercised within 10 days or
automatically lapse.

 

Application will be made for the Placing Shares, Fee Conversion Shares and
Short Term Loan Conversion Shares which will rank pari passu with the existing
Ordinary Shares in issue, to be admitted to trading on the Standard Listing
Segment of the Main Market of the London Stock Exchange ("Admission").
Admission is expected on or around 18 October 2024.

 

The Company's total issued and voting share capital upon Admission will be
767,096,747 Ordinary Shares. 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
securities of the Company.

 

Details of the Director/PDMR filings are set out below this announcement.

 

Bluebird Executive Director and Interim CEO Aidan Bishop said, "With the JV's
in place across our three gold projects in South Korea and the Philippines
totalling c.US$9million, the new loan and a reduced cost structure, we are
financed for at least another 12 months.  We believe we are materially
undervalued highlighted by the high level of fee conversions into equity at
the Placing price of 1p per share.  We hope that the next 12 months will see
a material transformation in our project profile as we look to develop all
three high grade gold projects.

 

"I'd like to than both Catalyse, Tracarta and indeed all of our advisors and
hope that progress on the ground will reward all shareholders' patience and we
can deliver value for all stakeholders."

 

 

This announcement contains inside information for the purposes of article 7 of
the market abuse regulation EU 596/2014 ("MAR").

 

**ENDS**

 

For further information please visit https://bluebirdmv.com or contact:

Jonathan Morley-Kirk    Bluebird Mining Ventures Ltd     Email:
jmk@bluebirdmv.com (mailto:colin@bluebirdmv.com)

Nick Emerson                    SI Capital
 
Tel: 01483413500

 

About Bluebird

London listed Bluebird Mining Ventures Ltd is focused on developing high
grade, low capex gold projects. With a cumulative estimated 1.8M oz Au across
three projects, including two historic mines in South Korea and a development
project in the Philippines, the Company looks to JV its assets with local
partners to provide free carry structures to advance its assets to production.

 

Bluebird recognised the most effective strategy to develop projects in South
Korea and the Philippines involved adopting a Joint Venture model; by securing
local partners with in-country operational knowledge and investment capital at
the project level, assets can be advanced to production on a de-risked basis.

 

The Company has three JV's providing a cumulative c.US$9m investment: US$5m
for the development of the historic Gubong Gold Mine and US$2m for the Kochang
Gold and Silver Mine, in South Korea and c.US$2m (funding to a production
decision) for the Batangas Gold Project in the Philippines. With committed
development capital at the project level, the Company has free carries to
production/mine construction on all its projects, which reduces its reliance
on the international capital markets.

 

Bluebird continues to provide technical assistance to these projects,
utilising its internationally experienced mining team, which has a track
record of bringing gold projects into production across Southeast Asia.  Both
JV parties recognise each sides competencies and the mutual belief that
together they can bring the projects into production and generate significant
value for all stakeholders. Importantly the management team has personally
invested cUS$2 million into the Company, highlighting their belief in the
quality of the portfolio.

 

Gubong, which was historically the second largest gold mine in South Korea has
9 granted tenements covering c.25 sq km.  Gubong is moderately dipping with 9
veins extending 500m below surface and known to extend at least a further
250m. However, the production opportunity for Bluebird prior to looking at
deepening the mine is the 25 levels already developed with all the remnants
and unmined areas left by the original miners.  The 25 levels extend over
120km in total length which indicates the size of the opportunity. The Korea
Resources Corporation ('KORES') estimated 2.34M tonnes at some 7.3g/t Au
garnered from 57 drill holes over 17,715.3 metres.  With additional sampling,
mapping, pit modelling and grade analysis, plus the fact that Gubong is an
orogenic deposit, which typically have a depth of 2km compared to the current
depth of 500m, the Board believe it has a geological potential of 1 million +
oz Au in-situ, plus an estimated additional 300,000 oz Au from satellite ore
bodies.

 

Kochang is an epithermal vein deposit with parallel vertical ore bodies
covering 8.3 sq km that reportedly produced 110,000 oz of gold and 5.9 million
oz of silver between 1961 and 1975.  Consisting of a gold and silver mine,
there are currently four main veins and several parallel subsidiary veins vein
which have been identified, as well as a newly identified cross-cutting vein.
Historic drilling indicates the veins continue to depth below the current 150m
mine and mapping shows the veins on surface providing potential above and
below the old workings. The veins extend to the NE providing a strike length
of 2.5km with 600m between the two mines not exploited.  There is potential
to expand operations to the southwest/northeast and to depth, as well as
exploit the already mined areas. The total resource potential is between
550,000 and 700,000 tonnes, with a range of grades between 5.2 g/t to 6.6 g/t
gold, and 27.3 g/t to 34.8 g/t silver.  Following the granting of a Mountain
Use permit, there is an estimated 6-to-9-month development time to trial
mining.

 

Batangas is a 1,160-hectare licence with a 25-year Mineral Production Sharing
Agreement ('MPSA') granted. The Project has a current JORC compliant resource
of 440,000 ounces, including a maiden ore reserve of 128,000 ounces (including
silver credits) as well as multiple additional targets providing extensive
resource upside. Exploration expenditure to the tune of c.$20m has already
been invested.

 

Work is focused on completing Exploration and Environmental Work Programmes
initially targeting the high-grade 1,164-hectares Lobo licence.  This has an
initial Probable JORC Compliant Ore Reserves of 171,000 tons at 6.6 g/t for
36,000 ounces of gold excluding silver credits based primarily on the South
West Breccia ('SWB') area of the licence that can be mined in the first 18
months of any operation.  There is an Indicated resource of 82,000 oz Au that
is perceived as easily convertible.  Additionally, the area has multiple
epithermal and high-grade targets already identified for resource expansion
with 15km of identified mineralised structures with results across the nine
identified targets yielding excellent results.  These include 2.1m @14.4g/t
Au and 3m at 12.1g/t at West Drift, which already has an Indicated and
Inferred resource of 350,000t at 3 g/t Au, 8.35m at 18.3 g/t Au and 6.0m at
31.2 g/t Au located immediately west of the SWB Extension, 19m surface channel
sample with intersections of 19m grading 9.8 g/t Au at Ulupong and trenching
at Limestone Target yielded 3.5m at 25.9 g/t Au including 1.5m at 56.8 g/t Au.

 

Director & PDMR Equity Issuance:

 

 Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
 596/2014
 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Kensington Trust Singapore Ltd
 2   Reason for notification
 a.  Position/Status                                              A party associated with Colin Patterson, Director
 b.  Initial notification/                                        Initial notification

     Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Bluebird Merchant Ventures Ltd
 b.  LEI                                                          213800QLGKFZHML52C51
 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

                                                                  Ordinary shares
     Identification Code                                          ISIN: VGG118701058
 b.  Nature of the transaction                                    Purchase of shares
 c.  Price(s) and volume(s)                                       10,110,706 shares at a price per share of GBP 1.00p
 d.  Date of the transaction                                      11 October 2024
 e.  Place of the transaction                                     London Stock Exchange

 

 Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
 596/2014
 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Jonathan Morley-Kirk
 2   Reason for notification
 a.  Position/Status                                              Director
 b.  Initial notification/                                        Initial notification

     Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Bluebird Merchant Ventures Ltd
 b.  LEI                                                          213800QLGKFZHML52C51
 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

                                                                  Ordinary shares
     Identification Code                                          ISIN: VGG118701058
 b.  Nature of the transaction                                    Purchase of shares
 c.  Price(s) and volume(s)                                       6,189,567 shares at a price per share of GBP 1.00p
 d.  Date of the transaction                                      11 October 2024
 e.  Place of the transaction                                     London Stock Exchange

 

 Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
 596/2014
 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Monza Capital Ventures Ltd
 2   Reason for notification
 a.  Position/Status                                              A party associated with Aidan Bishop, Director
 b.  Initial notification/                                        Initial notification

     Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Bluebird Merchant Ventures Ltd
 b.  LEI                                                          213800QLGKFZHML52C51
 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

                                                                  Ordinary shares
     Identification Code                                          ISIN: VGG118701058
 b.  Nature of the transaction                                    Purchase of shares
 c.  Price(s) and volume(s)                                       5,783,124 shares at a price per share of GBP 1.00p
 d.  Date of the transaction                                      11 October 2024
 e.  Place of the transaction                                     London Stock Exchange

 

 Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
 596/2014
 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Stuart Kemp
 2   Reason for notification
 a.  Position/Status                                              Chief Financial Officer
 b.  Initial notification/                                        Initial notification

     Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Bluebird Merchant Ventures Ltd
 b.  LEI                                                          213800QLGKFZHML52C51
 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

                                                                  Ordinary shares
     Identification Code                                          ISIN: VGG118701058
 b.  Nature of the transaction                                    Purchase of shares
 c.  Price(s) and volume(s)                                       11,562,836 shares at a price per share of GBP 1.00p
 d.  Date of the transaction                                      11 October 2024
 e.  Place of the transaction                                     London Stock Exchange

 

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  IOEKZLBFZBLZFBK