Satisfaction of Key Milestone at Kinusi
14 February 2025
Marula Mining PLC
("Marula Mining'' or the "Company")
Satisfaction of Key Milestone at the Kinusi Copper Mine
Issue of Equity
Marula Mining (AQSE: MARU A2X: MAR), an African-focused mining and development company, announces that the Company and its partner Takela Mining Tanzania Limited ("Takela"), have agreed that a key milestone, under the agreement announced on 20 February 2023, 'decision to mine,' has been satisfied in respect of the Kinusi Copper Mine ("Kinusi").
The Company has issued 1,777,777 new ordinary shares of 0.01 pence each ("Ordinary Share") ("Milestone Shares") at an issue price of approximately 9.00 pence per new Ordinary Share (representing a 50% premium to the 6.00 pence closing price on 13 February 2025) to Takela in satisfaction of the US$200,000 in shares owed to them following completion of this milestone, as per the terms of the agreement with Takela announced on 20 February 2023.
Admission
Application has been made for the Milestone Shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market and A2X Markets on or around 21 February 2025 ("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 260,247,344 ordinary shares of 0.01 pence each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 260,247,344. 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.
The Directors of Marula Mining are responsible for the contents of this announcement. This announcement contains inside information for the purposes of UK Market Abuse Regulation.
About Marula Mining
Marula Mining (AQSE: MARU A2X: MAR) is an African focused battery metals investment and exploration company and has interests in several high value mining operations and mine development projects in Africa: the Blesberg Lithium and Tantalum Mine, Northern Cape Lithium and Tungsten Project and Kruisrivier Cobalt Mine, all in South Africa; the Larisoro Manganese Mine and Kilifi Manganese Processing Operation both in Kenya; the Kinusi Copper Mine, the Nyorinyori Graphite Project and the NyoriGreen Graphite Project all in Tanzania. 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 AQUIS Stock Exchange (AQSE) in London and A2X Markets in South Africa. Marula is exploring opportunities to admit its shares to trading on 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 |
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A2X Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov |
+27 (11) 480 8500 |
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.
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