Marula Mining Plc - Exercise of Warrants and Issue of Equity
Marula Mining PLC
(“Marula’’ or the “Company”)
11 May 2023
Exercise of Warrants and Issue of Equity
Marula Mining (AQSE: MARU), an African focused mining and development company, announces (i) the exercise of warrants raising gross proceeds of £57,600 for the Company; (ii) the issue of new ordinary shares in lieu of consulting services provided to the Company; and (iii) the issue of new ordinary shares to Takela Mining Tanzania Limited (“Takela”) in lieu of a US$50,000 cash fee owed to Takela as part of the consideration under the commercial agreement to increase Marula’s commercial interest in the Kinusi Copper Project from 49% to 75%.
Exercise of Warrants
The Company has received notification for the exercise of warrants over 1,440,000 new ordinary shares in the Company at an exercise price of 4 pence per share (the “Warrant Shares") providing the Company with proceeds of £57,600.
Issue of Equity
Further to the announcements of 20 February 2023 and 12 April 2023, the Company has issued 340,000 new ordinary shares at a price of 12 pence per new ordinary share (“Takela Shares”) to Takela and its nominees, in lieu of US$50,000 owed to Takela as part of the consideration under the commercial agreement to increase Marula’s commercial interest in the Kinusi Copper Project from 49% to 75%. Takela has elected to receive the cash fee in shares as a sign of its ongoing support of Marula and its development plans at the Kinusi Copper Project.
The Company has also issued 370,000 new ordinary shares at a price of 12 pence per new ordinary share to consultants in lieu of services provided to the Company (“Consultant Shares”).
Application has been made for the Warrant Shares, Takela Shares and Consultant Shares to be admitted to trading on Aquis Stock Exchange Growth Market (“Admission") on or around 17 May 2023 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 128,584,748 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 128,584,748. 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 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) is an African focused battery metals investment and exploration company and has interests in several high value mine projects in Africa; Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill Project in Zambia and Kinusi Copper mine, Bagamoyo Graphite Project and Nyorinyori Graphite Project 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 the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on AIM, the market operated by the London Stock Exchange’s plc, and Kenya’s Nairobi Securities Exchange.
For enquiries contact:
Marula Mining PLC
AQSE Corporate Adviser
+44 (0)20 7213 0880
+44 (0)20 7469 0930
Financial PR and IR
+44 (0)20 7138 3204