Issue of Equity - Nyorinyori and NyoriGreen
Marula Mining PLC
("Marula'' or the "Company")
12 April 2024
Nyorinyori and NyoriGreen Technical Milestones Achieved
Issue of Shares
Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce that following the completion of the initial exploration program, and the assay results confirming high-grade, coarse flake and broad graphite mineralisation, at the Nyorinyori Graphite Project ("Nyorinyori") and the NyoriGreen Graphite Project ("NyoriGreen") (together the "Projects") in Tanzania, the Company has issued its share based consideration to Takela Mining Tanzania Limited ("TMT") and NyoriGreen Mining Limited ("NML").
As announced on 17 February 2023, upon the completion of the initial exploration program, Marula is required to complete a share-based payment of £100,000 to TMT through the issue of 799,361 new ordinary shares at a price of 12.51p, which is based on the 30-day volume-weighted average price ("VWAP") of the Company. The Company will also complete a share-based payment of £250,000 to NML through the issue of 1,998,401 new ordinary shares at the VWAP of 12.51p, as announced on 28 September 2023. In aggregate 2,797,762 new ordinary shares have been issued at a price of 12.51p per share (the "Milestone Shares").
Following the results of the initial exploration work, the management of TMT and NML have been meeting in Tanzania to finalise the plans and schedule for the commencement of the next phase of work. This program will include a trenching program to define the surface width and strike continuity of the graphite mineralised zone, a geophysical and electromagnetic survey, and a diamond drilling program to evaluate the down-depth potential of the Projects. This work will commence later in this quarter and will be overseen by the Company's independent geological consultants, Geofields Tanzania Limited.
Admission
Application has been made for the Milestone Shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around 18 April 2024 ("Admission") and will rank pari passu with the ordinary shares of the Company in issue.
Total voting rights
Following Admission, the Company's issued share capital will comprise 176,453,165 ordinary shares of 0.01p each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 176,453,165. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Jason Brewer, Marula Mining PLC CEO, said:
"I would like to thank Takela Mining, NyoriGreen Mining and Geofields for their continued assistance and expert knowledge as we continue to develop the Projects. As agreed, upon the completion of the initial exploration work Marula will now issue the share-based payments to Takela Mining and to NyoriGreen Mining.
"With the milestone of initial exploration work completed at the Nyorinyori and NyoriGreen Graphite Projects, our belief in its high-grade graphite mineralisation potential, and our plan to develop the Projects as a medium-scale graphite project, has been confirmed. As such, we are now commencing with our plans for Phase 2 exploration work.
"We are excited to get started on the next phase of exploration work, which will look to evaluate the down-depth potential of the Projects and define the width and strike continuity of the high-grade graphite mineralised zone. We will continue to update shareholders as the exploration program develops."
The Directors of Marula are responsible for the contents of this announcement.
About Marula Mining
Marula Mining (AQSE: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mine projects in Africa; the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania, the Nkombwa Hill Project in Zambia and the Larisoro Manganese Mine located in Kenya. As we advance operations at these battery metals focused projects, Marula will continue to build and expand its interests in other high-quality projects in Africa.
Marula's strategy is to identify and invest in advanced and high-value mining projects throughout East, Central and Southern Africa that the Directors believe would deliver returns for its shareholders. The Board and management team aims to establish Marula as a socially and environmentally responsible, sustainable, and profitable producer of critical metals and commodities that are of increasingly strategic importance to modern technologies and the global economy. Marula's shares are traded on the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on the London Stock Exchange plc's Standard List, Kenya's Nairobi Securities Exchange and South Africa's Johannesburg Stock Exchange.
For enquiries contact:
|
Marula Mining PLC Jason Brewer, Chief Executive Officer
Faith Kinyanjui Mumbi Investor Relations |
Email : jason@marulamining.com
Email : info@marulamining.com
|
|
AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti |
+44 (0)20 7213 0880 |
|
Broker Peterhouse Capital Limited, |
+44 (0)20 7469 0930
|
|
Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren |
+44 (0)20 7138 3204
|
Caution:
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund