REG - Hamak Gold Limited - Subscription for new shares & Drilling Contract
03/07/2023 07:00
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RNS Number : 6515E Hamak Gold Limited 03 July 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA,
THE UNITED STATES, ANY TERRITORY OR POSSESSION THEREOF OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS
OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC LAW IN THE UNITED KINGDOM OF
GREAT BRITAIN AND NORTHERN IRELAND ("UK") PURSUANT TO THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). IN ADDITION,
MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF
THE MATTERS CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN
PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK MAR).
UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION (AS DEFINED IN UK MAR)
IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION,
WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
03 July 2023
Hamak Gold Limited
("Hamak Gold" or the "Company")
Subscription for new shares to raise £350,000 at 8.75 pence per share
Issue of Director Fee Shares
Drilling Contract Signed
Total Voting Rights
Subscription for new Shares
Hamak Gold Limited (LSE: HAMA) is pleased to announce that the Company and its
broker Peterhouse Capital have raised gross proceeds of £350,000 (before
expenses), from Directors, management, existing shareholders and new investors
(the "Subscription") for 4,000,000 new ordinary shares of no par value
("Ordinary Shares") at a price of 8.75 pence each (the "Subscription Price")
(the "Subscription Shares"), which is a discount of 5.4% to the closing price
of 9.25 pence per Ordinary Share traded on the main market for listed
securities (the "Main Market") of London Stock Exchange plc (the "LSE") on 30
June 2023. The Company has utilised existing shareholder authorities for the
subscription.
The Subsciption is conditional only on admission of the Subscription Shares to
listing on standard segment of the Official List ("Standard Listing") of the
Financial Conduct Authority (the "FCA") and to trading on the Main Market of
the LSE ("Admission").
Certain directors, management and related parties have subscribed for the
following shares in the Subscription;
Name No. of Shares Subscription Amount
Amara Kamara 137,143 £12,000
Karl Smithson 81,669 £7,146
Sara Smithson* 342,858 £30,000
Martin Lampshire 342,858 £30,000
Rowan Carr 417,548 £36,535
*Sara Smithson is spouse of Karl Smithson and related party for the purpose of
the subscription
Issue of Shares in Lieu of Drilling Contract Fees
The Company further announces that it entered into a drilling contract with
Cestos Drilling to undertake the next phase of drilling work, expected to
total 1,000 metres ("m") of core drilling. Cestos Drilling was the
contracting drill company that undertook the first successful drilling
programme for Hamak Gold.
As part of the engagement, the Company has issued 359,955 new ordinary shares
to a director of Cestos Drilling in lieu of certain drilling fees related to
the programme, which are being issued at a price of 8.75 pence per share as
part of the Subscription.
Use of Net Proceeds
The Company intends to use the net proceeds of the Subscription to fund the
next phase of drilling at its Nimba licence in Liberia and for general working
capital purposes.
An initial drilling programme intersected near surface gold mineralization of
20m @ 7grammes per tonne ("g/t") Au including 5m @ 22g/t Au that is associated
with a 3 kilometre ("km") x 1km strong gold in soil anomaly and outcropping
gold mineralized metadolerite unit. The Company recently announced the
completion of an Induced Polarization geophysical survey across the discovery
site which has identified a number of priority drill targets. The drilling
will be aimed at extending the gold mineralization away from the discovey
site. Mobilisation of the drill rig is expected to commence in the near
future.
Issue of Shares in Lieu of Directors' Fees
The Company further announces that it has issued new ordinary shares to the
following Directors in respect of fees earned for the quarter of March, April
and May 2023.
The above fees are in line with the 2,520,000 Fee Shares arrangement that is
set out in the Company's Prospectus, at the time of admission to the LSE on
1(st) March 2022 and are based on a price of 10 pence per share.
Directors continue to take shares in lieu of fees to conserve cash in the
Company.
Name No. of Shares
Amara Kamara 145,000
Karl Smithson 125,000
Julius Baiden 50,000
Niall Young 50,000
Martin Lampshire 45,472
Total 415,472
Admission and Total Voting Rights
The Company has made applications to the FCA and the LSE to have 4,415,472
Ordinary Shares admitted to the Standard Listing and to trading on the Main
Market with Admission expected to occur on or around 6 July 2023.
On Admission, the Company's issued share capital will comprise 50,148,050
Ordinary Shares, with each Ordinary Share carrying the right to one vote.
Accordingly, the total number of voting rights in the Company will be
50,148,050 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.
Following the subscription and fee shares issue, the directors holdings are as
follows:
Name Shares Held % of Issued Share Capital
Amara Kamara 25,026,976 49.91%
Karl Smithson 4,071,391 9.38%
Martin Lampshire 1,675,034 3.34%
Julius Baiden 611,817 1.22%
Niall Young 461,817 0.92%
Karl Smithson, Executive Director of Hamak Gold commented:
"The funds raised will enable the Company to embark on the next phase of
drilling aimed at expanding on the high-grade gold discovery made at the Nimba
licence. We expect to mobilise the drill rig and geological team and be
drilling in the near future.
"We are grateful for the ongoing support of shareholders, Directors,
management and our drill contractor in supporting this capital raise in these
challenging capital markets and we look forward to providing project updates
as we progress."
For the purposes of UK MAR, the person responsible for arranging release of
this announcement on behalf of Hamak Gold is Karl Smithson, Executive
Director.
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name 1. Nicholas Karl Smithson
2. Samuel Julius Baiden
3. Kenneth Niall Young
4. Amara Kamara
5. Martin Lampshire
2 Reason for the notification
a) Position/status 1. Executive Director
2. Non-Executive Director
3. Non-Executive Director
4. Executive Chairman
5. Non-Executive Director
b) Initial notification /Amendment Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Hamak Gold Limited
b) LEI 213800NL4ICLKYSYU749
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 of no par value each
Identification code
ISIN: VGG4256S1048
b) Nature of the transaction Issue of Fee Shares (as applicable)
c) Price(s) and volume(s) Price(s) Volume(s)
1. N/A 1. 125,000
2. N/A 2. 50,000
3. N/A 3. 50,000
4. N/A 4. 145,000
6. N/A 6. 45,472
d) Aggregated information 415,472
Price N/A
e) Date of the transaction 6.7.23
f) Place of the transaction Outside a trading venue
4. (cont,) 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 of no par value each
Identification code
ISIN: VGG4256S1048
b) Nature of the transaction Issue of Subscription Shares (as applicable)
c) Price(s) and volume(s) Price(s) Volume(s)
Martin Lampshire 8.75 pence 342,858
Amara Kamara 8.75 pence 137,143
Karl Smithson 8.75 pence 81,669
d) Aggregated information 561,670
Price £49,146
e) Date of the transaction 6.7.23
f) Place of the transaction Outside a trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Sara Jane Smithson
2 Reason for the notification
a) Position/status Person closely associated with (i.e., spouse of) Nicholas Karl Smithson
b) Initial notification /Amendment Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Hamak Gold Limited
b) LEI 213800NL4ICLKYSYU749
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 of no par value each
Identification code
ISIN: VGG4256S1048
b) Nature of the transaction Issue of Subscription Shares (as applicable)
c) Price(s) and volume(s) Price(s) Volume(s)
8.75 pence 342,858
d) Aggregated information 342,858 Subscription Shares
Price
£30,000.08
e) Date of the transaction 6.7.23
f) Place of the transaction Outside a trading venue
d)
Aggregated information
Price
415,472
N/A
e)
Date of the transaction
6.7.23
f)
Place of the transaction
Outside a trading venue
4. (cont,)
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
Identification code
Ordinary Shares of no par value each
ISIN: VGG4256S1048
b)
Nature of the transaction
Issue of Subscription Shares (as applicable)
c)
Price(s) and volume(s)
Price(s) Volume(s)
Martin Lampshire 8.75 pence 342,858
Amara Kamara 8.75 pence 137,143
Karl Smithson 8.75 pence 81,669
d)
Aggregated information
Price
561,670
£49,146
e)
Date of the transaction
6.7.23
f)
Place of the transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities / person closely
associated
a)
Name
Sara Jane Smithson
2
Reason for the notification
a)
Position/status
Person closely associated with (i.e., spouse of) Nicholas Karl Smithson
b)
Initial notification /Amendment
Amendment
3
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Hamak Gold Limited
b)
LEI
213800NL4ICLKYSYU749
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
Identification code
Ordinary Shares of no par value each
ISIN: VGG4256S1048
b)
Nature of the transaction
Issue of Subscription Shares (as applicable)
c)
Price(s) and volume(s)
Price(s) Volume(s)
8.75 pence 342,858
d)
Aggregated information
Price
342,858 Subscription Shares
£30,000.08
e)
Date of the transaction
6.7.23
f)
Place of the transaction
Outside a trading venue
- Ends -
For further information you are invited to view the company's website at
www.hamakgold.com or please contact:
Hamak Gold Limited
Amara Kamara +231 (0) 77 005 0005
Karl Smithson +44 (0) 77 837 07971
Peterhouse Capital Limited (Broker) +44 (0) 20 7469 0930
Lucy Williams
Guy Miller
Yellow Jersey PR +44 (0) 20 3004 9512
Sarah Hollins
Annabelle Wills
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold
exploration of a portfolio of licences in highly prospective areas of Liberia,
where significant drilling results have identified a new high-grade gold
discovery with the discovery hole returning 20m @ 7g/t Au near surface.
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