Transaction in Shares

RNS Number : 7000Y

Blencowe Resources PLC

14 May 2021

 

Date: 14th May 2021    Blencowe Resources Plc  

("Blencowe" or the "Company")

Transaction in Shares

Blencowe Resources Plc, is pleased to provide an update to shareholders with respect to two recent on market block trades. The Company can confirm that major shareholder Consolidated Africa Limited has this week sold a total of 4,000,000 Blencowe Resources shares to one new private investor introduced by the Company's broker and significant shareholder Brandon Hill Capital. Consolidated Africa Limited were the original holder of Orom-Cross project prior to the completion of the RTO by Blencowe in 2020 and remain the Company's largest shareholder with a residual holding of 20,000,000 shares, representing 17% of the outstanding share capital of the Company.

Kevin Nichols, Consolidated Africa Limited CEO commented;  

'We are pleased to help facilitate the introduction of a new shareholder, whilst at the same time increasing our own cash resources. It has been a little over a year since we completed the RTO with Blencowe and the Company has made great progress in this time. Our residual holding in the Company is therefore viewed as a core investment, given we see significant upside, not only in the short term given the ongoing drilling campaign and expected results from metallurgical studies this quarter, but more importantly in the longer term where we feel Orom-Cross is positioned to benefit substantially from the burgeoning Electric Vehicle phenomenon"

For further information please contact:

Blencowe Resources Plc Sam Quinn Investor Relations Sasha Sethi	www.blencoweresourcesplc.com Tel: [phone] [e-mail] Tel: [phone] [e-mail]
Brandon Hill Capital Limited Jonathan Evans	Tel: [phone] [e-mail]

  First Equity Limited     Tel: [phone]

 Jason Robertson    [e-mail]

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of larger flakes identified from previous work performed. A 21-year Mining Licence was issued by the Ugandan Government in 2019 following extensive historical work on the deposit.

Orom-Cross presents as a large, shallow open pitable deposit, with an estimated resource in excess of 3 billion tonnes of graphite. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

 

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