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Blenheim Natural Res (BNR)

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Thursday 30 March, 2017

Blenheim Natural Res

Investment in West African Exploration Company

RNS Number : 9530A
Blenheim Natural Resources PLC
30 March 2017
 

30 March 2017

Blenheim Natural Resources Plc

("Blenheim" or the "Company")

Investment in West African Exploration Company

Extension of Option to Invest in Lithium Project in Mali

 

On 27 February 2017 Blenheim announced that, in addition to its ongoing discussions with Xantus Inc ("Xantus") in respect of the Company's option to acquire a 30 per cent interest in the Dieba exploration permit in Southern Mali ("Dieba"), the Company was working to identify and appraise other lithium opportunities.

 

Blenheim is now pleased to announce that it has conditionally acquired a 30 per cent interest in Nashwan Holdings Ltd ("Nashwan") from its current sole shareholder, Mr Harry Sutherland (the "Seller"), for a consideration of £200,000 in cash (the "Cash Consideration") and 75,000,000 ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares"), (the "Consideration Shares"). The Seller has agreed to invest £100,000 of the Cash Consideration directly into Nashwan to fund maiden prospecting and exploration costs, with no dilution to Blenheim's 30 per cent interest.

 

Nashwan currently holds one prospecting permit in Southern Mali, with another prospecting permit application pending. Nashwan also has exploration licence applications pending over the same two areas, and has ambitions to grow significantly. The Company believes that the investment in Nashwan will provide excellent exposure to one of the world's most prospective mineral regions and is the first investment in a strategy, which the Directors of the Company believe, will give Blenheim an increasing exposure to the fast growing lithium market.

 

Blenheim also announces that its option to acquire a 30 per cent interest in Xantus's Dieba exploration permit has been further extended until 30 June 2017.  Discussions with Xantus are also ongoing with regards to potential further collaborations in relation to Xantus's large exploration portfolio.

 

Blenheim's Chairman Chris Ells commented: "This investment in Nashwan gives Blenheim a strategic foothold in a promising West African lithium exploration venture. Nashwan's two projects are early stage exploration opportunities, which are both located in a rapidly developing lithium province. We expect lithium to be one of the best performing mineral commodities in coming years. This investment, which we see as a first sortie into this market, combined with our continuing assessment of other possible investments in lithium opportunities, is intended to result in Blenheim gaining a significant position in lithium exploration activities."

 

Further details of the Nashwan investment

 

Nashwan holds the Djidje prospecting permit in the Republic of Mali as well as a registered application for a prospecting permit in Menianbala, with exploration applications pending for both areas. Nashwan is newly incorporated in the Republic of Seychelles and has a wholly owned subsidiary in Mali. Nashwan is a West Africa focussed resource company with an experienced team and proven local partners; the Directors believe that it has the ability to grow significantly.

 

The area to which the Menianbala prospecting permit application and the Menianbala exploration licence application relates ("Menianbala") lies between the successful Kodal Minerals' Bougouni Lithium Project to the east and Birimian Limited's successful Goulamina Lithium Project to the west.  The area to which the Djidje prospecting permit and the Djidje exploration licence application relates ("Djidje") lies adjacent and to the south of Kodal Minerals' Bougouni Lithium Project.

 

A map showing the location of Menianbala and Djidje will shortly be available at the Company's website:www.blenheimnaturalresources.com/reports-and-documents/other-documents

 

The consideration payable by Blenheim to acquire a 30 per cent interest in Nashwan will comprise the Cash Consideration, of which £100,000 will fund initial prospecting and exploration costs at Menianbala and Djidje, and the Consideration Shares. In order to allot and issue the Consideration Shares, the Company will convene a general meeting of shareholders to seek the necessary authorities. A notice of general meeting will shortly be sent to shareholders and further announcements will be made as soon as practicable.

Completion of the acquisition of the Company's 30 per cent interest in Nashwan is conditional upon the Company's shareholders granting the directors the relevant authorities to allot and issue the Consideration Shares by 30 April 2017.

In addition, payment of the Cash Consideration and the issue and allotment of the Consideration Shares is conditional upon Nashwan successfully being granted exploration licences over both Menianbala and Djidje within 90 days of completion or by such other date agreed between Blenheim and the Seller.  

 

Further details of the Xantus option extension

Further to the announcement of 27 February 2017, Blenheim's option to acquire a 30 per cent interest in the Dieba permit was due to expire on 31 March 2017. At the mutual agreement of both parties, this option has now been extended until 30 June 2017 to enable Blenheim to further consider the investment and discuss with Xantus potential collaboration opportunities in the region. Xantus holds interests in four licences in Mali, including Dieba, and four in Niger, all with geology conducive to potential lithium deposits.

 

The Dieba exploration permit is located approximately 150km south of the Malian capital, Bamako. Dieba is adjacent to Birimian Limited's Bougouni Lithium Project and Xantus and Blenheim believe that Dieba could host similar lithium-rich pegmatites. The option agreement with Xantus gives Blenheim the right to acquire a 30 per cent interest in Dieba from Xantus for a consideration of £175,000 in cash, (which will be used by Xantus to fund exploration work at Dieba) and 60,000,000 Ordinary Shares. Blenheim paid £25,000 to secure this option. 

 

Ends

 

 

For any further information please contact:

 

Chris Ells

Blenheim Natural Resources Plc

+44 (0) 1622 844601

 

 

 

Colin Aaronson/Jamie Barklem/ Daniel Bush

Grant Thornton UK LLP

+44 (0) 20 7383 5100

 

 

 

Nick Emerson

SI Capital Ltd

+44 (0) 1483 413500

Lucy Williams / Duncan Vasey

Peterhouse Corporate Finance Limited

+44 (0) 20 7469 0932

Colin Rowbury

Cornhill Capital Limited

+44 (0) 20 7710 9610

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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