Sovereign Mines of Africa PLC Farm-out of Guinean Gold Asset (7506U)
20 Janvier 2017 - 1:24PM
UK Regulatory
TIDMSMA
RNS Number : 7506U
Sovereign Mines of Africa PLC
20 January 2017
20 January 2017
Sovereign Mines of Africa PLC
("SMA" or "the Company")
Farm-out of Guinean Gold Asset
Further to the announcement of 7 November 2016, Sovereign Mines
of Africa PLC (AIM:SMA), is pleased to announce that it has
completed the farm-out of its 75% interest in the Mandiana Gold
Project in the Republic of Guinea, West Africa to Volcanic Metals
Corp. ("Volcanic"). In connection with the farm-out Volcanic has
changed its name to "Volcanic Gold Mines Inc." and now trades under
its new name on the TSX Venture Exchange, under the symbol
"VG".
In consideration for the farm-out the Company has received
2,502,489 common shares in Volcanic, as announced on 7 November
2016 it is the Company's intention to hold its interest in Volcanic
for such time that maximises shareholder value.
Effect of the Farm-out
The farm-out of the Company's 75% interest in the Mandiana Gold
Project constitutes a cessation of all of the Company's existing
trading business pursuant to Rule 15 of the AIM Rules for Companies
("AIM Rules"). The Company is now classified as an AIM Rule 15 cash
shell, pursuant to which it must make an acquisition or
acquisitions which constitute a reverse takeover under AIM Rule 14
within six months, failing which the Exchange will suspend trading
in the Company's shares pursuant to AIM Rule 40.
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
Giles Clarke, Chairman - c/o Camarco +44 20 3757 6983
Rupert Street, CEO
SHORE CAPITAL - NOMINATED ADVISER & BROKER
Toby Gibbs - Corporate Finance +44 207 408 4090
Jerry Keen - Corporate Broking
CAMARCO
Billy Clegg / Gordon Poole +44 20 3757 6983
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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