Warrant Exercise

RNS Number : 3486T

Blencowe Resources PLC

24 March 2021

 

Date: 24 March 2021   

Blencowe Resources Plc

("Blencowe" or the "Company")

Warrant Exercise

Blencowe Resources, the natural resources company focused on development of the Orom-Cross Graphite Project in Uganda, is pleased to announce that it has received warrant exercise notices in respect of 437,500 ordinary shares (the "Warrant Shares") from warrant holders. The aggregate proceeds from the exercise of the Warrant Shares are £26,250.

An application has been made for the 437,500 ordinary shares of 0.5p to be admitted to trading on the London Stock Exchange with effect from 8.00 a.m. on 30 March 2021 ("Admission").

In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that following the issue of the Warrant Shares, the Company's enlarged issued ordinary share capital will comprise 117,318,283 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to 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 (London Director)	www.blencoweresourcesplc.com [e-mail] [phone]
Investor Enquiries Sasha Sethi	Tel: [phone] [e-mail]
Brandon Hill Capital Limited Jonathan Evans	Tel: [phone] [e-mail]
First Equity Limited Jason Robertson	Tel: [phone] [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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