Subscription to raise £7.0 million

African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining

4 February 2013

African Consolidated Resources plc ('ACR' or 'the Company')
Subscription to raise £7.0 million

African Consolidated Resources plc, the AIM listed resource and development company, is pleased to announce that it has agreed a subscription of 170,000,000 new ordinary shares of 1p each in the Company ("New Ordinary Shares") to raise gross proceeds of £7.0 million (the "Subscription"). The Subscription is not underwritten.

The New Ordinary Shares are being wholly subscribed for by Brimfell Investment Holdings Limited ("Brimfell"). Brimfell is wholly owned by RAK Resources, which in turn is wholly owned by the Investment and Development Office of the Government of Ras Al Khaimah.

The subscription price of 4.125 pence per New Ordinary Share, represents a premium of 17.9% to the price paid by Brimfell in the fundraising announced on 21 January 2013.

Immediately following completion of the Subscription, it is expected that Brimfell will hold 236,180,000 ordinary shares, representing approximately 28.6% of the enlarged issued share capital of the Company.

The participation by Brimfell in the Subscription is deemed to be a related party transaction under the AIM Rules. The Directors consider, having consulted with Panmure Gordon (UK) Limited, the Company's nominated adviser, that the terms of the Subscription are fair and reasonable insofar as the Company's shareholders are concerned.

The net proceeds of the Subscription, in conjunction with the Company's existing cash resources of approximately £1.6 million, will be used to fund the advancement of the Company's key projects, particularly the Pickstone-Peerless Gold Project.  It is anticipated that further funding will be required in Q4 2013 in order to complete the Company's plan to bring the Pickstone-Peerless Gold Project into production.

Commenting on the Subscription, ACR Chairman, Roy Tucker, said, "We are pleased to welcome Brimfell Investment Holdings, and through them, RAK Resources as a major shareholder in the Company.  RAK Resources have an active investment programme for the resource sector in Africa. We look forward to a long term constructive relationship with RAK Resources as we progress the development of our various projects and bring them into production."

Admission and Dealings
The Subscription is conditional on the admission of the New Ordinary Shares to trading on AIM. Application will be made for admission of the 170,000,000 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that such Admission will become effective and that dealings will commence on 8 February 2013.

The New Ordinary Shares will rank pari passu with existing ordinary shares of 1p each in the Company.

Following Admission, the total issued share capital of the Company will be 826,958,630 ordinary shares, all of which have voting rights. The New Ordinary Shares will represent approximately 20.56% of the enlarged issued share capital of the Company.

The above figure of 826,958,630 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in ACR under the FSA's Disclosure and Transparency Rule.

For further information visit www.acrplc.com or please contact:

Roy Tucker	African Consolidated Resources plc	[phone] [phone]
Craig Hutton	African Consolidated Resources plc	[phone]
Andrew Godber	Panmure Gordon (UK) Limited	[phone]
Callum Stewart	Panmure Gordon (UK) Limited	[phone]
Adam James	Panmure Gordon (UK) Limited	[phone]
Susie Geliher	St Brides Media & Finance Ltd	[phone]

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Source: African Consolidated Resources Plc via Thomson Reuters ONE

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