Issue of Shares - Warrants Raise a Further £3.6m

RNS Number : 8593P

IronRidge Resources Limited

22 February 2021

 

22 February 2021

IronRidge Resources Limited

(AIM: IRR)

Issue of Shares Raises Further £ 3.6m

Cancellation of Block Listing Facility and Total Voting Rights

The Board of IronRidge Resources Limited (AIM: IRR, "IronRidge" or the "Company") wishes to advise that, pursuant to the block listing of 32,172,064 ordinary shares of no par value each in the capital of the Company ("Ordinary Shares"), as announced on 17 September 2020 (the "Block Listing"), the Company has issued and allotted a total of 32,172,064 new Ordinary Shares. As such, no further new Ordinary Shares will be allotted pursuant to the Block Listing, and the Block Listing is hereby cancelled.

Further to the Company's announcement of 20 January 2021 notifying a call on warrant holders to exercise the 32,172,064 warrants exercisable at 12 pence per new Ordinary Share issued pursuant to the fundraise announced on 11 May 2020, (the "Fundraise Warrants"), the Company notes that all holders elected to exercise the Fundraise Warrants and as such no shares have been issued to either Open Source Capital Limited,  Alberona Pty Ltd (a company controlled by Vincent Mascolo, Chief Executive Officer) or Neil Herbert (Chairman) under the underwriting agreement entered into by the Company and the above parties.

The net proceeds of the exercise of the Fundraise Warrants is approximately £3,630,648.

Following the issue and allotment of the Warrant Exercise Shares, the Company's new issued share capital comprises 452,074,334 Ordinary Shares. When calculating voting rights, shareholders should use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

IronRidge also makes the following notification, pursuant to AIM Rule 29 and Schedule Six of the AIM Rules for Companies, regarding its existing block listing:

Name of applicant:		IronRidge Resources Limited
Name of scheme:		Investor & Broker Warrants granted pursuant to the fundraising, as announced on 11 May 2020
Period of return:	From:	17 September 2020	To:	22 February 2021
Balance of unallotted securities under scheme(s) from previous return:		32,172,064
Plus:   The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for):		Nil
Less:   Number of securities issued/allotted under scheme(s) during period (see LR3.5.7G):		32,172,064
Equals:   Balance under scheme(s) not yet issued/allotted at end of period:		Nil
IMPORTANT NOTE: This is the final return for this block listing. No further shares will be allotted pursuant to this block listing.
Name of contact:		Amanda Harsas
Telephone number of contact:		[phone]

For any further information, please contact:

IronRidge Resources Limited Vincent Mascolo (Chief Executive Officer) Amanda Harsas (Company Secretary) www.ironridgeresources.com.au	Tel:  [phone]
SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat	Tel: [phone]
SI Capital Limited Company Broker Nick Emerson Jon Levinson	Tel: [phone] Tel: [phone]
Yellow Jersey PR Limited Henry Wilkinson Dominic Barretto Matthew McHale	Tel: [phone]

Notes to Editors:

IronRidge Resources is an AIM-listed, Africa focussed minerals exploration company with a lithium pegmatite discovery in Ghana, extensive grassroots gold portfolio in Côte d'Ivoire and a potential new gold province discovery in Chad. The Company holds legacy iron ore assets in Gabon and a bauxite resource in Australia. IronRidge's strategy is to create and sustain shareholder value through the discovery and development of significant and globally demanded commodities.

Côte d'Ivoire

The Company entered into conditional earn-in arrangements in Côte d'Ivoire, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,584km² and 1,172km² 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. The Company's most advanced project is the Zaranou gold project which includes high-grade gold drilling intersections along 8km strike including 6m at 6.44g/t gold from 132m, 6m at 15.11g/t gold from 26m, 4m at 5.16g/t gold from 110m and 22m at 3.39g/t gold from 8m within a broader 47km long gold anomalous structure.

Ghana

The Cape Coast Lithium portfolio covers some 684km² and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li₂O in the inferred and indicated category including 4.5Mt @ 1.39% Li₂O in the indicated category (reported in accordance with the JORC Code). A Scoping Study on the Ewoyaa Lithium Project, announced in January 2021, supports a business case for a 2.0 Million tonnes per annum production operation, producing an average 295,000tpa of 6% Li₂O spodumene concentrate, with life of mine revenues exceeding US$1.55 Billion. The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited, Barari Developments Limited and Joy Transporters Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium deposit, estimated to be in the order of 1.48Mt at 1.67% Li₂O and surrounding tenements. The tenure package is also prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 746km² 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 Kalaka licenses, which host multiple, large scale gold projects. Trenching results at Dorothe, including 84m at 1.66g/t Au (including 6m at 5.49g/t & 8m at 6.23g/t), 4m at 18.77g/t Au (including 2m at 36.2g/t), 32m at 2.02g/t Au (including 18m at 3.22g/t), 24m at 2.53g/t Au (including 6m at 4.1g/t (including 2m at 6.2g/t) and 2m at 6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining zones over a 3km by 1km area including the steep dipping 'Main Vein' and shallow dipping 'Sheeted Vein' zones.

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.

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.

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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