REG - Chesterfield Res Plc - Placing and Subscription

Chesterfield ResourcesAnnouncement

09/02/2022 07:00

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RNS Number : 0881B  Chesterfield Resources PLC  09 February 2022

Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining

 

9 February 2022

Placing and subscription to raise £700,000, grant of warrants and board
change

 

Chesterfield Resources plc ('Chesterfield' or the 'Company') is pleased to
announce it has raised £700,000 by way of a placing and subscription  of
10,000,000 new Ordinary Shares of 0.1 pence each at a price of 7 pence per
share. (the "Placing Shares").

 

Further, each two Placing Shares will have one warrant attached, exercisable
at 12p per Ordinary Share for the period of 24 months from the date of
admission of the Placing Shares (the "Placing Warrants"). If at any time
during the warrant exercise period the 10-day volume-weighted average price
(VWAP) of the Company's Ordinary Shares exceeds 20 pence per share then the
Company may give warrant holders notice ("Company Notice") to exercise their
warrants. If Company Notice occurs, any warrants which are not exercised shall
be deemed to have expired without having been duly exercised prior to their
expiration date and accordingly shall be forfeited by the warrant holder
without any right of compensation or substitution whatsoever.

 

The use of proceeds from the placing  will primarily be used for exploration,
working capital and to pay for the costs associated with seeking a secondary
listing on the  TSX-V .

 

In addition, Peter Damouni is stepping off the Board with immediate effect on
8 February 2022, due to increasing demands on his time. Peter will however
remain as an advisor to Chesterfield.

 

Said Executive Chairman Martin French "The company has a busy six months
ahead. Last month we reported very encouraging results from our field
programme and data review in Labrador. This included remodelling a substantial
historical database of geophysics work, as well as extensive sampling. The
results of these workstreams are now being combined to identify a series of
ranked exploration targets, with detailed design for a forthcoming diamond
drill campaign in the summer.

 

In Cyprus planning is underway for additional drilling on our Westline gold
system, which yielded strong results announced in December, as well as further
exploration on our Limni South gold oxide project. In addition, our field
geologists are planning a methodical mapping and sampling campaign to test the
prospectivity of several promising licence blocks among our 95 KM(2) property
holding. We will be announcing more detail of these various workstreams over
coming weeks.

 

We are also rolling out a corporate strategy in North America to build strong
new investor bases for our stock. We are well advanced on a NI 43-101 report
on our Adeline project in Labrador to be used for an application for a
secondary listing on the TSX-V exchange. We expect the application to be
submitted within weeks. We have also recently appointed a well-respected
broker in Canada, Laurentian Bank Securities. In the United States we will be
applying for an OTC QB listing, and have recently appointed Amvest Capital of
New York, a specialist natural resources house, to represent us there. We have
a busy programme of webinars and other functions with US investors which
commenced last month.

 

 

Peter Damouni is stepping off our board as he has taken on a senior executive
function elsewhere. However, Peter remains a strong supporter of our vision
and has invested £100,000 in Chesterfield in this funding round. He will
continue to be closely associated with the company as an advisor. We thank
Peter for his very effective service as a director."

 

Application for Admission

 

The new ordinary shares to be issued pursuant to the Placing will
represent 8.3 per cent of the issued ordinary share capital of the Company
prior to the Placing. The Company will apply for admission of the Placing
Shares to listing on the standard listing segment of the Official List of
the FCA and to trading on the main market for listed securities of
the London Stock Exchange .The Placing Shares will rank pari passu in all
respects with the existing ordinary shares of 0.1p in the capital of the
Company.  The Placing Shares are expected to be admitted for trading on or
around 16 February 2021.

 

In accordance with the provision of the Disclosure Guidance and Transparency
Rules of the FCA ("DTRs"), the Company confirms that, following admission,
its issued share capital will comprise 130,328,311 Ordinary Shares, each of
which carries the right to vote, with no Ordinary Shares held in treasury.
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 DTRs

 

Broker warrants

 

In conjunction with the placing, and in addition to the Placing Warrants, the
Company will issue up to 5,160 warrants to various parties exercisable into
Ordinary Shares of 0.1 pence each in the capit5al of the Company at a price of
7p for a period of two years from the date of admission.

 

The Directors of the Company accept responsibility for the contents of this
announcement.

 

**ENDS**

 For further information, please visit www.chesterfieldresourcesplc.com
(http://www.chesterfieldresourcesplc.com/)  or contact:

 

Chesterfield Resources plc:

Martin French, Executive Chairman
                Tel: +44(0) 7901 552277

 

Panmure Gordon (UK) Limited (Joint Broker):    Tel: +44 (0)207 886 2500

John Prior & Hugh Rich

 

First Equity Limited (Joint
Broker)                             Tel: +44
(0)207 330 118

Jason Robertson

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information. Upon the publication of this announcement via
a Regulatory Information Service, this inside information is now considered
to be in the public domain.

 

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