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Blenheim Natural Res (BNR)

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Wednesday 18 January, 2017

Blenheim Natural Res

Option to invest in lithium project in Mali

RNS Number : 4100U
Blenheim Natural Resources PLC
18 January 2017
 

18 January 2017

 

Blenheim Natural Resources Plc

("Blenheim" or the "Company")

Option to invest in lithium project in Mali

 

Blenheim is pleased to announce that it has been granted an option to acquire a 30 per cent interest in the Dieba exploration permit in Southern Mali ("Dieba"), an area adjacent to Birimian Limited's successful Bougouni Lithium Project.

 

The option gives the Company the right to acquire a 30 per cent interest in Dieba from Xantus Inc ("Xantus") for a consideration of £175,000 in cash (which will be used by Xantus to fund exploration at Dieba) and 60,000,000 ordinary shares of 0.1 pence each in the capital of the Company ("Consideration Shares"). Blenheim will pay £25,000 to secure this option, which can be exercised at any time until 28 February 2017, or such later date as the parties may agree prior to the expiry of the option period. Details of the option agreement are given below.

 

Blenheim's Chairman Chris Ells commented "Dieba is a very promising grass-roots' project and we are delighted to have this opportunity to acquire a significant interest in this venture. We consider this to be a strategic investment into a dynamic, well-run exploration  project, especially as lithium has been, and is likely to remain, one of the best performing mineral commodities. During the option period, we will perform due diligence and conduct an interpretation of airborne geophysical and other data, before we make a final investment decision. We believe that there are good opportunities for further lithium projects in Mali and elsewhere."

 

Dieba is located about 150km south of the Malian capital, Bamako. Dieba is adjacent to Birimian Limited's Bougouni Lithium Project and Blenheim's directors believe that the Dieba Project may host similar lithium-rich pegmatites. The cash paid by the Company, if the option is exercised, will be used by Xantus to conduct the first phase of exploration during 2017. Blenheim also plans to conduct its own interpretation of the existing airborne geophysical and other survey data to help locate pegmatites within and beyond the Dieba Project area. A map showing the location of Dieba will shortly be available at the Company's website: www.blenheimnaturalresources.com/reports-and-documents/other-documents/DiebaMap.pdf

 

The terms of the option agreement

 

Xantus is a BVI incorporated mineral exploration company which holds an exploration permit over the Dieba project via its wholly owned Malian subsidiary, Xantus Exploration SARL ("XES").  In exchange for an option fee of £25,000, Xantus has granted Blenheim an option to acquire a 30 per cent interest in Dieba. The total consideration payable, if Blenheim exercises the option, will comprise 60,000,000 Consideration Shares issued and allotted to Xantus and £175,000 in cash, which Xantus has agreed to use to fund exploration costs at Dieba with no dilution to Blenheim's initial 30 per cent interest. Blenheim can exercise the option at any time until 28 February 2017, or such later date as the parties may agree prior to the expiry of the option period.

 

Xantus will incorporate a new company ("Newco") to own the whole equity of XES, which holds the Dieba exploration permit, and to seek additional lithium opportunities.  If Blenheim exercises the option, the Company will receive a 30 per cent ownership interest in the issued share capital of Newco.

 

The decision whether or not to exercise the option is at the sole discretion of Blenheim and is conditional upon the Company's directors having sufficient authority to issue the Consideration Shares, and upon Xantus having incorporated Newco.

 

The option will lapse and the option fee will be immediately repayable to Blenheim if Xantus does not satisfactorily complete its obligations under the agreement. The option will also lapse, with no option fee repayment, if Blenheim's directors are unable to secure the relevant authorities to issue the Consideration Shares in advance of the Company electing to exercise the option, or if Blenheim elects not to exercise the option in the period to 28 February 2017.

 

The Company intends to convene a general meeting of shareholders to seek the necessary authorities to issue the Consideration Shares.

 

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 considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.

 

 

 

 


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