TIDMBMV
RNS Number : 4831T
Bluebird Merchant Ventures Limited
20 March 2023
Bluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE /
Sector: Mining
20 March 2023
Bluebird Merchant Ventures Ltd ('Bluebird' or 'the Company')
Funds received and Admission of shares to trading
Bluebird Merchant Ventures Ltd, a gold company primarily focused
on bringing historic mines back into production, announces that the
full proceeds of the Company's recent GBP1,215,000 placing have
been received by the Company.
In order that the subscribers to the Placing receive the full
60,750,000 shares, the Company has issued 37,750,000 New Ordinary
Shares ('the Placing Shares') and 23,000,000 Shares have been
transferred from Momentum Resources, which form part of the Pledged
Share Pool that was announced as being available on 6 March 2023.
This arrangement has been facilitated by the Directors, as upon
application being made for the Placing Shares to be listed, the FCA
informed the Board that the current headroom was not sufficient.
This was because 62,385,234 shares issued between 2016 and 2019,
which were admitted to trading as announced on 20 July 2022,
constituted part of the available headroom for the previous 12
months and not the expected period between 2016-19.
Momentum Resources will receive no consideration, interest or
other benefit for the transfer of the pledged shares and the
Company will issue Momentum Resources 23,000,000 Shares either upon
publication of a new prospectus or when there is sufficient
headroom. Momentum Resources is a related party of Bluebird
Directors Colin Patterson and Charles Barclay. The transaction was
approved by the Non-Executive Chairman, Jonathan Morley-Kirk.
All of the warrants related to the Placing that was announced on
6 March 2023 have been issued.
Application will be made for the Placing Shares, which will rank
pari passu with the existing Ordinary Shares in issue, to be
admitted to trading on the Standard Listing Segment of the Main
Market of the London Stock Exchange ("Admission"). Admission is
expected on or around 21 March 2023.
The Company's total issued and voting share capital upon
Admission will be 689,865,042 Ordinary Shares. This figure 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, or a change to their interest in, the securities of
the Company.
The PDMR Notification is set out below.
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
a. Name Momentum Resources Ltd
2 Reason for notification
a. Position/Status A party associated with Colin Patterson
and Charles Barclay, both Directors of
the Company
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a. Name Bluebird Merchant Ventures Ltd
b. LEI 213800QLGKFZHML52C51
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
a. Description of
the financial Ordinary shares
instrument, type
of instrument
Identification ISIN: VGG118701058
Code
b. Nature of the Transfer of pledged shares as per 06 March
transaction 2023 notification
c. Price(s) and 23,000,000 shares at price per share of
volume(s) GBP 2.00p
d. Date of the transaction 13 March 2023
e. Place of the London Stock Exchange
transaction
This announcement contains inside information for the purposes
of article 7 of the market abuse regulation EU 596/2014
("MAR").
**ENDS**
For further information please visit https://bluebirdmv.com or
contact:
Colin Patterson Bluebird Merchant Ventures Ltd Email: colin@bluebirdmv.com
Nick Emmerson SI Capital Tel: 01483413500
About Bluebird:
Bluebird Merchant Ventures Ltd (BMV.L) is a London listed South
Korea-focused resources company centred on bringing historically
producing gold mines back into production. The Company, led by a
team of proven mine rehabilitation experts, currently has two 100%
owned licensed high grade narrow vein mining projects, the Kochang
Gold and Silver Project ('Kochang') and the Gubong Gold Project
('Gubong'), which each have a defined route to low cost/ low capex
production with a cumulative target of producing 100,000 oz + Au
per annum.
The management team has invested cUS$2 million personally into
the Company and believe, following analysis of historic production
and exploration data, as well as extensive sampling, geological,
geophysical, and engineering studies, there is potential for in
excess of 1.5 million oz of mineable gold in its Korean projects
alone.
Kochang is an epithermal vein deposit with parallel vertical ore
bodies covering 8.3 sq km that reportedly produced 110,000 oz of
gold and 5.9 million oz of silver between 1961 and 1975. Consisting
of a gold and silver mine, there are currently four main veins and
a number of parallel subsidiary veins vein which have been
identified, as well as a newly identified cross-cutting vein.
Historic drilling indicates the veins continue to depth below the
current 150m mine and mapping shows the veins on surface providing
potential above and below the old workings. The veins extend to the
NE providing a strike length of 2.5km with 600m between the two
mines not exploited. There is potential to expand operations to the
southwest/northeast and to depth, as well as exploit the already
mined areas. The total resource potential is between 550,000 and
700,000 tonnes, with a range of grades between 5.2 g/t to 6.6 g/t
gold, and 27.3 g/t to 34.8 g/t silver. Following the granting of a
Mountain Use permit, there is an estimated 6-to-9-month development
time to trial mining.
Gubong, which was historically the second largest gold mine in
South Korea has 9 granted tenements covering c.25 sq km. Gubong is
moderately dipping with 9 veins extending 500m below surface and
known to extend at least a further 250m. However, the production
opportunity for Bluebird prior to looking at deepening the mine is
the 25 levels already developed with all the remnants and unmined
areas left by the original miners. The 25 levels extend over 120km
in total length which indicates the size of the opportunity. The
Korea Resources Corporation ('KORES') estimated 2.34M tonnes at
some 7.3g/t Au garnered from 57 drill holes over 17,715.3 metres.
With additional sampling, mapping, pit modelling and grade
analysis, plus the fact that Gubong is an orogenic deposit, which
typically have a depth of 2km compared to the current depth of
500m, the Board believe it has a geological potential of 1 million
+ oz Au in-situ, plus an estimated additional 300,000 oz Au from
satellite ore bodies.
Additionally, the Company has the highly prospective Batangas
Gold Exploration Project in the Philippines, where it has an
agreement with a Philippine company, whose owners have decades of
experience in mining, to develop the Project. The JV covers the
entire Batangas Project area, which has a current JORC compliant
resource of 440,000 ounces, including a maiden ore reserve of
128,000 ounces (including silver credits). Exploration expenditure
to the tune of c.$20m has already been invested. Work is focused on
completing Exploration and Environmental Work Programmes initially
targeting the high-grade Lobo area, although there is excellent
exploration potential across the licence with high-grade targets
already identified and 14km of identified mineralised structures.
The staged agreement is based on the JV partner achieving defined
development goals and provides Bluebird with a free carry on the
development of Batangas with a view to advancing to
construction.
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END
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March 20, 2023 03:00 ET (07:00 GMT)
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