Exercise of Warrants
09 December 2024
The Directors and Senior Management given notice that they have exercised warrants at 4 pence as follows:
Director/Senior Management | Amount of Warrants | Funds raised £ |
Cameron Pearce | 1,000,000 | 40,000 |
Sam Quinn* | 750,000 | 30,000 |
Alex Passmore | 400,000 | 16,000 |
Mike Ralston | 1,000,000 | 40,000 |
3,150,000 | 126,000 |
*via his services company Lionshead Consultants Ltd
Following the exercise of the warrants the Company shall receive £126,000.
Admission
The Company will make an application for 3,150,000 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 12 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 295,226,620 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 295,226,620 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.
For further information please contact:
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
Investor Relations Sasha Sethi | Tel: +44 (0) 7891 677 441
|
Tavira Financial – Financial Adviser & Broker Jonathan Evans | Tel: +44 (0)20 3192 1733
|
Twitter https://twitter.com/BlencoweRes
LinkedIn 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.
