Issuance of Subscription Shares

RNS Number : 5233L

IronRidge Resources Limited

19 July 2017

 

19 July 2017

IronRidge Resources Limited

(AIM: IRR)

Issuance of Subscription Shares

IronRidge Resources Limited ("IronRidge" or the "Company") confirms that further to the announcement on 30 June 2017, the 20,658,053 ordinary shares issued by way of subscription ("Subscription Shares") have now been admitted to trading on AIM. 

Following the issue of the Subscription Shares, the Company's total issued share capital now comprises 262,466,158 ordinary shares. In accordance with FCA Disclosure Guidance and Transparency Rules ("DTRs"), the Company has 262,466,158 ordinary shares in issue, each share carrying the right to one vote.  The Company does not hold any ordinary shares in Treasury.

As outlined in the release of 30 June 2017, Messrs Mather and Mascolo, both Directors of the Company, participated in the Company's capital raising program, and have been allotted Subscription Shares.  Cornerstone shareholders DGR Global Limited, Assore Limited, Sumitomo Corporation and Tenstar Trading Ltd have also been allotted Subscription Shares, and the updated holdings of all parties are as outlined below:

Party	Previous Holding	Subscription Shares	Current Holding	% of Share Capital
Nicholas Mather	1,543,629	154,363	1,697,992	0.65%
Vincent Mascolo	8,759,331	140,669	8,900,000	3.39%
DGR Global Limited	62,293,334	6,229,333	68,522,667	26.10%
Assore Limited	70,833,334	7,083,333	77,916,667	29.70%
Sumitomo Corporation	27,766,880	2,776,688	30,543,568	11.60%
Tenstar Trading Ltd	12,946,667	1,294,667	14,241,334	5.43%
Balance of Company	57,664,930	2,979,000	60,643,930	23.10%
TOTAL	241,808,105	20,658,053	262,466,158	100%

Market Abuse Regulation (MAR) Disclosure

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Nick Mather
2.	Reason for the notification
a)	Position/status:	Executive Chairman
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	IronRidge Resources Ltd
b)	LEI:	213800H1JY3J7BB6BN06
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:	Depositary Interests of no par value AU0000XINEX3
b)	Nature of the transaction:	Issue of ordinary shares for participation in private placement
c)	Price(s) and volume(s):	Price(s) Volume(s) GBP0.35 154,363
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) GBP0.35 154,363
e)	Date of the transaction:	19 July 2017 08:00 am GMT
f)	Place of the transaction:	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Vincent Mascolo
2.	Reason for the notification
a)	Position/status:	Chief Executive Officer
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	IronRidge Resources Ltd
b)	LEI:	213800H1JY3J7BB6BN06
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:	Depositary Interests of no par value AU0000XINEX3
b)	Nature of the transaction:	Issue of ordinary shares for participation in private placement
c)	Price(s) and volume(s):	Price(s) Volume(s) GBP0.35 140,669
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) GBP0.35 140,669
e)	Date of the transaction:	19 July 2017 08:00 am GMT
f)	Place of the transaction:	Outside a trading venue

For any further information please contact:

IronRidge Resources Limited
Vincent Mascolo (Chief Executive Officer)	Tel: [phone]
Nicholas Mather (Executive Chairman)	Tel: [phone]
SP Angel Corporate Finance LLP	Tel: [phone]
Nominated Adviser and Broker
Jeff Keating Caroline Rowe Yellow Jersey PR Limited Charles Goodwin Harriet Jackson	Tel: [phone]

Notes to Editors:

IronRidge Resources is an AIM listed mineral exploration company with frontier assets in both Australia and West Africa, with two province scale projects in Gabon, and promising and advanced titanium and bauxite projects in Queensland Australia.  IronRidge's corporate strategy is to create and sustain shareholder value through the discovery of world-class and globally demanded commodities.

Australia

Monogorilby is prospective for province scale titanium and bauxite with an initial maiden resource of 54.9MT of premium DSO bauxite Monogorilby is located in central Queensland, within a short trucking distance of the rail system leading north to the Port of Bundaberg.  It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

May Queen is located in Central Queensland within IRRs wholly owned Monogorilby license package and is highly prospective for gold.  Historic drilling completed during the 1980s intersected multiple high-grade gold intervals including 2m @ 73.4 g/t Au (including 1m at 145g/t), 4m @ 38.8g/t Au (at end of hole) and 3m @ 18.9g/t Au, over an approximate 100m strike hosting numerous parallel vein systems, open to the north-west and south-east.

Wholly owned Quaggy contains highly anomalous platinum, palladium, nickel, cobalt and copper exploration targets and is located in Central Queensland within a short trucking distance of the dormant rail system to the Port of Bundaberg.  It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

Gabon

Tchibanga is located in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline.  This project comprises two exploration licenses, Tchibanga and Tchibanga Nord, which cover a combined area of 3,396km² and include over 90km of prospective lithologies and the historic Mont Pele iron occurrence.

Belinga Sud is Located in the north east of Gabon in the Ogooue-Ivindo Province, approximately 400km east of the capital city of Libreville.  IRR's licence lies between the main Belinga Iron Ore Deposit, believed to be one of the world's largest untapped reserves of iron ore with an estimated 1bt of iron ore at a grade >60% Fe, and the route of the Trans Gabonese railway, which currently carries manganese ore and timber from Franceville to the Port of Owendo in Libreville.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 1,000km² of highly prospective gold and other mineral projects in Chad, Central Africa.  IronRidge is set to acquire 100% of Tekton including its projects and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and Ade licenses, which host multiple, large scale gold projects. Initial trenching results at Dorothe, including 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining over a confirmed 1km strike at an average of 2m and up to 5m true width across multiple stacked vein zones over a 250m wide zone with new hard-rock artisanal workings potentially extending strike to >3km.

Ghana

The Company entered into conditional joint venture arrangements with Obotan Minerals Limited, Merlink Resources Limited and Barari Developments Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium resource, estimated to be in the order of 1.48Mt at 1.67% Li₂O and surrounding tenements.  The portfolio covers some 314km² with a further identified 20km strike of pegmatite vein swarms, tenure package is also highly prospective for tin, tantalum, niobium and gold which occur as accessory minerals within the pegmatites and host formations.

Ivory Coast

The Company entered into conditional joint venture arrangements in Ivory Coast, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,110km² and 400km² area respectively.  The projects are well located within access of an extensive bitumen road network and along strike from multi-million ounce gold projects and mines.

Corporate

IronRidge made its AIM debut in February 2015, successfully securing strategic alliances with three international companies; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia.  Assore is a high- grade iron, chrome and manganese mining specialist.  Sumitomo Corporation is a global resources, mining marketing and trading conglomerate.  DGR Global is a project generation and exploration specialist.

 

END

 

 

IOERLMBTMBMBBFR