Trading Symbol
LSE: AYM
8 October
2021
Anglesey Mining
plc
(“Anglesey” or
“the Company”)
Additional funding
secured and work programmes approved
Anglesey Mining plc (LSE:AYM), the UK minerals exploration and
development company, is pleased to announce the successful
completion of a placing of shares and the commencement of the next
work programmes at both the Parys Mountain Cu-Zn-Pb-Ag-Au project
on the isle of Anglesey and the Grängesberg Iron Ore Project in
Sweden.
Highlights
- Fund raising secures additional £768,230 via issuance of
22,595,000 shares at a price of 3.4p, a discount of 5.6% to the
closing price on 7 October 2021
(being the latest practicable date prior to this announcement)
- CEO Jo Battershill subscribes
for 1,565,588 shares at the placing price as part of the
fundraising
- Funds to be used to assist with work approved by the Board of
Anglesey including:
- Appointment of drilling contractor to complete infill programme
at Parys Mountain, with the rig expected to mobilise in the next
3-4 weeks
- Commencement of environmental studies at Parys Mountain as a
requirement for the permitting process; and,
- Commencement of the Preliminary Economic Assessment (PEA) of
the Grängesberg project
Jo Battershill, the CEO of
Anglesey Mining, commented: “I am very pleased with the
funding for a number of reasons. Firstly, the strong demand
demonstrates a genuine investor interest in seeing the Parys
Mountain and Grängesberg projects advanced through to their next
stages of development. Secondly, it has provided me with an
opportunity to align myself with shareholders to participate in the
equity upside that I believe is achievable with Anglesey Mining and
finally it provides an additional level of comfort from a working
capital perspective. I would also like to welcome the new
shareholders, which include mining funds and HNWI’s, to the
Anglesey Mining register.
On the projects, I am incredibly
excited to be able to get the drills turning again at Parys
Mountain. The initial infill programme will enable us to convert
the remaining portions of the White Rock Zone into the higher
confidence Indicated Resource category and provide important
geotechnical and metallurgical data, which will provide critical
information feeding into the Feasibility Study in 2022.
For Grängesberg, we are pleased to
appoint Micon International to complete the PEA, which I believe
will demonstrate just how significant that opportunity could
become.”
Placing of 22.6 million new shares for
£768,230
Anglesey Mining plc entered into subscription agreements with
certain sophisticated investors (including Jo Battershill) and Monecor (London) Limited, trading as ETX Capital, to
issue 22,595,000 new ordinary shares representing
approximately 10.0% of the company’s current issued share capital,
at 3.4 pence per share to raise a
total of £768,230 gross. The placing price represents a discount of
5.6% to the closing price on 7 October
2021 (being the latest practicable date prior to this
announcement).
As part of the subscription, Jo
Battershill, the Chief Executive Officer of the company, has
subscribed for 1,565,588 new ordinary shares at the placing price
of 3.4 pence.
Application will be made for these shares to be admitted to
listing on the London Stock Exchange.
Proposed use of funds
The proceeds of the issue will be used for the following
activities:
- Continue the development of the group’s Parys Mountain property
with activities to include:
- Infill drilling on the White Rock Zone, along with some
additional geotechnical holes
- Collecting metallurgical testwork samples for both the White
Rock Zone and Engine Zone
- Commencement of the environmental baseline studies
- Commence the Grängesberg Iron Ore Project Preliminary Economic
Assessment (PEA)
- Anglesey has formally engaged Micon International to conduct
the PEA, which is expected to take around 3-months to complete
- General group working capital.
Chief Executive Officer participation
in the subscription
The table below provides the details of the Chief Executive
Officer’s participation in the subscription.
Name |
Existing
Holding |
Number of shares
subscribed for |
Resultant
Holding |
Resultant
Shareholding on Admission (%) |
Jo
Battershill1 |
22,971 |
1,565,588 |
1,588,559 |
0.64% |
1 Subscription shares subscribed for by JJB Advisory
Limited a company controlled by Jo
Battershill
Smaller related party transaction
Jo Battershill as a director of
the company is a related party for the purpose of the United
Kingdom Listing Rules (the “Listing Rules”). Jo Battershill through JJB Advisory Limited, a
company controlled by him, has subscribed for 1,565,588 ordinary
shares with a value of £53,230. This subscription by Jo Battershill constitutes a smaller related
party transaction for the purposes of Listing Rule 11.1.10R and
this announcement is therefore made in accordance with Listing Rule
11.1.10R(2)(c).
Total Voting Rights
Following completion of this issue and admission to listing, the
issued ordinary share capital of the company will be 248,070,732
ordinary shares of 1 pence each with
voting rights; there are no shares held in treasury. This figure
may be used by shareholders as the denominator for the calculations
which will determine whether they are required to notify their
interest in the company, or any change to that interest, under the
Financial Conduct Authority’s Disclosure and Transparency
Rules.
About Anglesey Mining plc
Anglesey is developing its 100% owned Parys Mountain
copper-zinc-lead deposit in North
Wales, UK with a 2020 reported resource of 5.2 million
tonnes at 4.3% combined base metals in the Indicated category and
11.7 million tonnes at 2.8% combined base metals in the Inferred
category.
Anglesey holds an almost 20% interest, and management rights to
the Grangesberg Iron project in Sweden, together with a right of first refusal
to increase its interest by a further 50.1%. Anglesey also
holds 12% of Labrador Iron Mines Holdings Limited which holds
direct shipping iron ore deposits in Labrador and Quebec.
This announcement contains inside
information as defined under the Market Abuse Regulation (EU NO.
596/2014) as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 (“UK MAR”)
For further information, please
contact:
Jo Battershill, CEO +44 (0)7540
366000
John Kearney, Chairman + 1 416
362 6686
LEI: 213800X8BO8EK2B4HQ71