Issue of Equity

RNS Number : 7784Z

IronRidge Resources Limited

19 December 2017

 

19 December 2017

IronRidge Resources Limited

(AIM: IRR)

Issue of Equity

The Board of IronRidge Resources Limited (IronRidge or the Company) wishes to advise of the allotment and issue of 4,900,000 fully paid ordinary shares as a result of the exercise of unlisted employment options originally granted in 2014.

Application will be made for the shares to be admitted to trading on AIM and admission is expected to take place on or around 27 December 2017.

The allotment includes the Company's Chairman Nicholas Mather and Managing Director Vincent Mascolo.  The revised holdings of the Company's Directors are outlined below.

Directors	Previous Share Holding	Share Allotment	Share Holding following exercise of options	% of Enlarged Issued Share Capital on Admission of new shares to trading
Nicholas Mather	1,697,992	1,500,000	3,197,992	1.14%
Vincent Mascolo	8,900,000	3,000,000	11,900,000	4.24%
Stuart Crow	-	-	-	-
Neil Herbert	-	-	-	-
Bastiaan Hendrikus van Aswegen	-	-	-	-
Alistair McAdam	-	-	-	-
Kenichiro Tsubaki	-	-	-	-
Balance of Company	265,318,166	400,000	265,718,166	94.62%
TOTAL	275,916,158	4,900,000	280,816,158	100%

Following the allotment and issue of these securities, the Company now has on issue a total of 280,816,158 ordinary shares.

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 as a result of the exercise of unlisted options granted in 2014.
c)	Price(s) and volume(s):	Price(s) Volume(s) GBP 0.10 1,500,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) GBP 0.10 1,500,000
e)	Date of the transaction:	19 December 2017 18.00pm 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 as a result of the exercise of unlisted options granted in 2014.
c)	Price(s) and volume(s):	Price(s) Volume(s) GBP 0.10 3,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) GBP 0.10 3,000,000
e)	Date of the transaction:	19 December 2017 18:00 pm 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 Charlie Bouverat Yellow Jersey PR Limited Julia Kalcheva Harriet Jackson Katie Bairsto	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 IRR's 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 acquired 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 earn-in 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.

Côte d'Ivoire

The Company entered into conditional joint venture arrangements in Côte d'Ivoire, 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.

 

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