Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
17 March 2022
Armadale Capital Plc ('Armadale' or 'the Company')
Holding(s) in Company
Armadale Capital plc (LON: ACP) the AIM quoted investment group focused on natural resource projects in Africa, announces that following the 11 March 2022 notice of the exercise of 7,852,273 warrants by Director Matt Bull to subscribe for ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares"), Mr. Bull's enlarged shareholding in the Company is now 53,373,765 shares equal to 9.74% of the issued share capital in the Company.
TR-1: Standard form for notification of major holdings
| NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i | ||||||
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| 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: | ARMADALE CAPITAL PLC | |||||
| 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) | ||||||
| Non-UK issuer | | |||||
| 2. Reason for the notification (please mark the appropriate box or boxes with an "X") | ||||||
| An acquisition or disposal of voting rights | X | |||||
| An acquisition or disposal of financial instruments | | |||||
| An event changing the breakdown of voting rights | | |||||
| Other (please specify)iii: | | |||||
| 3. Details of person subject to the notification obligationiv | ||||||
| Name | MATTHEW BULL | |||||
| City and country of registered office (if applicable) | PERTH, AUSTRALIA | |||||
| 4. Full name of shareholder(s) (if different from 3)v | ||||||
| Name | | |||||
| City and country of registered office (if applicable) | As above | |||||
| 5. Date on which the threshold was crossed or reachedvi: | 11 MARCH 2022 | |||||
| 6. Date on which issuer notified (DD/MM/YYYY): | 17 MARCH 2022 | |||||
| 7. Total positions of person(s) subject to the notification obligation | ||||||
| | % of voting rights attached to shares (total of 8. A) | % of voting rights through financial instruments | Total of both in % (8.A + 8.B) | Total number of voting rights held in issuer (8.A + 8.B) vii | ||
| Resulting situation on the date on which threshold was crossed or reached | 9.74 | | 9.74 | 53,373,765 | ||
| Position of previous notification (if applicable) | 8.45 | | 8.45 | | ||
| 8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii | ||||
| A: Voting rights attached to shares | ||||
| Class/type of ISIN code (if possible) | Number of voting rightsix | % of voting rights | ||
| Direct (DTR5.1) | Indirect (DTR5.2.1) | Direct (DTR5.1) | Indirect (DTR5.2.1) | |
| GB00BYMSY631 | 53,373,765 | | 9.74 | |
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| SUBTOTAL 8. A | 53,373,765 | 9.74 | ||||||
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| B 1: Financial Instruments according to DTR5.3.1R (1) (a) | ||||||||
| Type of financial instrument | Expiration | Exercise/ | Number of voting rights that may be acquired if the instrument is exercised/converted. | % of voting rights | ||||
| Warrants | 29 April 2022 | 2 | 1,666,669 | 0.3% | ||||
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| | | SUBTOTAL 8. B 1 | | | ||||
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| B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) | ||||||||
| Type of financial instrument | Expiration | Exercise/ | Physical or cash settlementxii | Number of voting rights | % of voting rights | |||
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| | | | SUBTOTAL 8.B.2 | | | |||
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| 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") | ||||
| Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii | | |||
| Full chain of controlled undertakings through which the voting rights and/or the | X | |||
| Namexv | % of voting rights if it equals or is higher than the notifiable threshold | % of voting rights through financial instruments if it equals or is higher than the notifiable threshold | Total of both if it equals or is higher than the notifiable threshold | |
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| 10. In case of proxy voting, please identify: | ||||
| Name of the proxy holder | | |||
| The number and % of voting rights held | | |||
| The date until which the voting rights will be held | | |||
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| 11. Additional informationxvi | ||||
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| Place of completion | London, UK |
| Date of completion | 17 March 2022 |
**ENDS**
| Enquiries: | |
| Armadale Capital Plc Nick Johansen, Non-Executive Director Tim Jones, Company Secretary
| +44 (0) 20 7236 1177 |
| Nomad and Broker: finnCap Ltd Christopher Raggett / Seamus Fricker / Teddy Whiley
| +44 (0) 20 7220 0500 |
Notes
Armadale's wholly-owned Mahenge Liandu Graphite Project is located in a highly prospective region, with a high-grade JORC compliant indicated and inferred mineral resource estimate announced February 2018 - 59.5Mt at 9.8% TGC. This includes 11.5Mt @ 10.5% Measured 32.Mt Indicted at 9.6% and 15.9Mt at 9.8% TGC, making it one of the largest high-grade resources in Tanzania.
The work to date has demonstrated the Project's potential as a commercially viable deposit, with significant tonnage, high-grade coarse flake and near surface mineralisation (implying a low strip ratio) contained within one contiguous ore body.
The Company's updated Definitive Feasibility Study (June 2020) confirmed Mahenge as a long-life low-cost graphite project with a US$430m NPV and IRR of 91% based on a two-stage expansion strategy comprising:
· Stage One - processing plant and infrastructure at a nominal design basis rate of 0.4-0.5 Mt/pa to produce a nominal 60,000t/pa graphite concentrate in the first three years of production
· Stage Two - a second 0.5 Mt/y plant and associated additional infrastructure doubling throughput to 1 Mt/y from Year 5 of operation
The DFS shows that Armadale can be a significant low-cost supplier to the graphite industry with the potential to generate pre-tax cashflows of US$985m over an initial 15 year mine-life and scope for further improvement as this utilises just 25% of the current resource, which remains open in multiple directions.
Projected timeline to first production is expected to be approximately 10-12 months from the start of construction and the capital cost estimate for Stage 1 is US$39.7m, which includes a contingency of U$S4.1m or 15% of total direct capital cost, with a 1.6 year payback for Stage 1 (after tax) based on an average sales price of US$1,112/t. Stage 2 expansion is expected to be funded from cashflow.
More information can be found on the website www.armadalecapitalplc.com .
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