TIDMCHF
RNS Number : 9978D
Chesterfield Resources PLC
02 July 2021
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OF
SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT IS
NOT AN OFFER TO SELL OR A SOLICITATION TO BUY SECURITIES IN ANY
JURISDICTION, INCLUDING THE UNITED STATES OF AMERICA, CANADA,
AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.
NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM
THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR
COMMITMENT WHATSOEVER IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU AS IT FORMS PART OF THE LAW
OF ENGLAND AND WALES BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018. IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF
THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL
THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
2(nd) July 2021
Chesterfield Resources Plc/ EPIC: CHF / Market: LSE / Sector:
Mining
Result of Placing
Chesterfield Resources plc ("Chesterfield Resources" or the
"Company") is pleased to announce the successful completion of the
Placing announced on 1 July 2021, which has raised GBP800,000,
upsized from the original GBP750,000 previously announced.
A total of 8,000,000 new ordinary shares in the capital of the
Company ("Placing Shares") have been placed with new and existing
investors at a placing price of 10 pence per Placing Share.
The new ordinary shares to be issued pursuant to the Placing
will represent 7.8 per cent. of the issued ordinary share capital
of the Company prior to the Placing. The Company will apply for
admission of the Placing Shares to listing on the standard listing
segment of the Official List of the FCA and to trading on the main
market for listed securities of the London Stock Exchange
("Admission"). Subject to, inter alia, the publication of a
prospectus, as approved by the Financial Conduct Authority, in
connection with the Placing and the acquisition of the Adeline
copper project announced on 19 May and 16 June 2021 (the
"Prospectus"), and the Placing Agreement between the Company and
Panmure Gordon (UK) Limited not being terminated in accordance with
its terms , it is expected that Admission of the Placing Shares
will occur at 8:00 am on or around 12 July 2021.
In accordance with the provision of the Disclosure Guidance and
Transparency Rules of the FCA ("DTRs"), the Company confirms that,
following Admission, and assuming issue of the Consideration Shares
in respect of the Acquisition (both as defined in the previous
announcement), its issued share capital will comprise 120,000,311
Ordinary Shares, each of which carries the right to vote, with no
Ordinary Shares held in treasury. 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 Company under the DTRs.
About Chesterfield Resources
Chesterfield Resources is a copper-focussed exploration company
with a project in Cyprus and the proposed new Adeline copper
project in Labrador, Canada, contingent, among other things, upon
the publication of a prospectus. Upon completion of the acquisition
of the Adeline project, Altius will become a strategic partner,
with a 10% holding in the Company, and a 20p warrant over a further
10% of the Company (both holdings calculated prior to dilution
through the Placing).
The exploration team is led by two highly experienced industry
geologists Neil O'Brien, formally SVP Exploration & New
Business Development, Lundin Mining, and Dave Cliff, previously
Head of Exploration Europe, Rio Tinto.
The Adeline copper project is located within the western half of
the Central Mineral Belt, a 260 km long metal-rich belt located in
Central Labrador, eastern Canada. The Adeline property is comprised
of ten contiguous mineral licenses totalling 29,725 ha (297.25
km2), covering the full extent of the Seal Lake basin,
approximately 40km long by 10 km wide geological structure which
contains some 250 copper prospects. The project is close to the
regional service hub of Goose Bay. The province is well-served by
infrastructure and is considered low risk for the mining industry
with good ESG credentials.
The Seal Lake basin has seen extensive regional exploration over
the years resulting in a rich exploration database. Trenching and
channel sampling has established the presence of laterally
continuous high-grade copper beds. However there has been
relatively little drill testing, largely due to the lack of road
access. Where sulphide mineralization becomes massive the grades
are extremely high, commonly 10-30% Cu due to the high tenor of
chalcocite-bornite.
An initial field season is already being planned to investigate
prospects and more specific field-based targeting methods based
upon a re-evaluation and re-modelling of the regional exploration
datasets with the latest visualization software tools and with
expert consultants who have decades of experience in this belt.
This is expected to generate a significant pipeline of quality
drill targets to test for significant extents of high-grade
copper-silver mineralized grey beds.
In Cyprus the Company holds the largest mineral exploration
licence area of any operator on the island. Cyprus is regarded as a
high-quality exploration location. It is a member of the EU, and
its legal system is based on English common law. An opportunity
exists because there has been minimal exploration activity on the
island in the last 46 years since the invasion by Turkey in 1974
put a halt to what had been a very active mining industry.
The current focus of exploration is in the Troodos West group of
licences belonging to the Company, with around 30 defined targets
in an area measuring 10km by 10km. The objective is to discover
several VMS (volcanogenic massive sulphide) deposits in close
proximity to each other to create a mining project with a
centralised processing unit.
While copper is the main exploration target, it is noteworthy
that gold was not historically exploited in Cyprus . Gold has been
encountered in several locations in the exploration target area and
is an important part of the exploration objective.
In December 2020, Polymetal International, the FTSE100 mining
group, made a 23% investment in Chesterfield Resources via a
placing of new shares, as strategic backing for the Company's
project in Cyprus.
The Company announced high grade polymetallic results from its
late season 2020 drilling campaign and is now engaged in an
enlarged integrated 2021 geophysics, percussion and diamond
drilling exploration campaign. The Company will commence its
diamond drill programme this week.
Chesterfield Resources is committed to world-class environmental
standards in all of its operations to mine copper, which is
essential to developing clean technology projects worldwide. The
Company hopes to develop
industry and opportunities for the benefit of Canada and the Republic of Cyprus.
Chesterfield Resources has embarked on a strategy of acquisition
to take advantage of the mega-trend of electrification and copper
demand. The company has a strategy to make further acquisitions to
enlarge its exploration footprint.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**S**
For further information, please visit
www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44(0) 7901 552277
Panmure Gordon (UK) Limited (Joint Tel: +44 (0)207 886 2500
Broker):
John Prior & Hugh Rich
Fox-Davies Capital Limited (Joint
Broker): Tel: +44 ( 0)20 3884 8450
Daniel Fox-Davies
IMPORTANT NOTICES
No action has been taken by the Company, Panmure Gordon, or any
of their respective affiliates, that would, or which is intended
to, permit a public offer of the Placing Shares in any jurisdiction
or the possession or distribution of this Announcement or any other
offering or publicity material relating to the Placing Shares in
any jurisdiction where action for that purpose is required. Any
failure to comply with these restrictions may constitute a
violation of the securities laws of such jurisdictions. Persons
into whose possession this announcement comes shall inform
themselves about, and observe, such restrictions.
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED HEREIN,
IS FOR INFORMATION PURPOSES ONLY, IS NOT INTED TO AND DOES NOT
CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO PURCHASE OR
SUBSCRIBE FOR, UNDERWRITE, SELL OR ISSUE OR THE SOLICITATION OF AN
OFFER TO PURCHASE OR SUBSCRIBE, SELL, ACQUIRE, DISPOSE OF THE
PLACING SHARES OR ANY OTHER SECURITY IN THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN OR IN ANY JURISDICTION IN WHICH, OR TO ANY PERSONS
TO WHOM, SUCH OFFERING, SOLICITATION OR SALE WOULD BE UNLAWFUL.
Panmure Gordon, which is authorised and regulated in the United
Kingdom by the FCA, is acting as broker and sole bookrunner to the
Company in relation to the Placing and is not acting for any other
persons in relation to the Placing and Admission. Panmure Gordon is
acting exclusively for the Company and for no one else in relation
to the matters described in this Announcement and is not advising
any other person and accordingly will not be responsible to anyone
other than the Company for providing the protections afforded to
clients of Panmure Gordon, or for providing advice in relation to
the contents of this Announcement or any matter referred to in
it.
No representation or warranty, express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by Panmure Gordon or the Company or any of
their respective affiliates or any of their respective directors,
officers, employees, advisers or representatives (collectively,
"Representatives") as to or in relation to the accuracy or
completeness of this announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefor is
expressly disclaimed.
None of the Group, Panmure Gordon, or their respective
directors, officers, employees, agents, affiliates and advisers, or
any other party undertakes or is under any duty to update this
announcement or to correct any inaccuracies in any such information
which may become apparent or to provide you with any additional
information, other than any requirements that the Group may have
under applicable law. To the fullest extent permissible by law,
such persons disclaim all and any responsibility or liability,
whether arising in tort, contract or otherwise, which they might
otherwise have in respect of this Announcement.
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END
IOEKZGGNNZLGMZG
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July 02, 2021 04:03 ET (08:03 GMT)
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