Sale of gold mine shares to aid its development

By Bizclik Editor

Armdale Capital Plc, the AIM quoted investment company focused on natural resource projects in Africa, is selling shares to raise cash for the continued development of the Mpokoto Gold Project in the Democratic Republic of Congo.

The company is looking to institutional and other investors to snap up the offering after announcing it has placed shares at a price of 0.14pence in order to raise £525,000.

The Mpokoto Gold Project in the Katanga Province has shown a Total Mineral Resource of 510,000oz gold.

Armadale will soon be publishing the results of a Scoping Study for Mpokoto together with related metallurgical and environmental reports, due before March 31, in conjunction with submission of the Mining Licence application.

The Scoping Study will define the next steps to be taken including a further drilling programme and additional metallurgical studies.

 Peter Marks, Chairman of Armadale, said: “Armadale remains focused on the rapid development of the highly prospective Mpokoto Gold Project which has demonstrated its potential to become a low cost production asset. 

“This funding will be used to continue the development of Mpokoto as well as look at other potential investment opportunities. 

“With a strengthened cash position we look forward to commencing a drill programme to further prove up the current resource and to receiving the results of the Scoping Study this month, which will set out a clear pathway for the future development of Mpokoto.”

The Placing is subject, inter alia, to admission of the Placing Shares to trading on AIM, which is expected to occur at 8am on April 2, 2014.


Featured Articles

Middle East GDP hike of 57% if more women join workforce

By tapping into the potential of next-generation female workers, the MENA region could unlock new economic opportunities, up to US$2 trillion, reports PwC

Dialight supplies LED solutions for industrial safety

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, AI, cloud, cyber speakers at TECH LIVE LONDON

TECH LIVE LONDON events sees technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force among the inspirational speakers

Cyber LIVE adds Vodafone head of cyber Kawalec to line-up

Leadership & Strategy

Musk’s multibillion hostile Twitter takeover – the timeline

Leadership & Strategy

Sustainable moves businesses can make to win customers, IBM