Advancements in the African exploration market
Alecto Minerals is a predominantly West African specialised, precious metal and base metal exploration business with mining developments in Mauritania, Mali and Ethiopia.
The on-going expansion of the Kossanto Precious Metal Project in Mali is the Enterprise's major industry aim and with substantial benefit upside potential observable across the period with the Panel looking to work starting from its pre-existing private inferred resource.
Alecto also has a mutual business with Centamin plc over several prospective precious metal prospecting permits in the Horn of Africa which will allow Alecto hold on to access to the assets with no investment capital commitment, along with the wholly managed Wad Amour IOCG Mission in Mauritania which is at prospecting standing. Coupled, these projects provide the Organisation with a powerful, dynamic investment portfolio with thrilling prospecting upside potential ratio.
The company, whose main investors feature Fahad Al Tamimi and Savannah Resources Plc has also announced that it has gained 600k pounds (before expenses) by way of a placing, via Hume Capital Securities plc.
The net profits of the Placing will offer the Enterprise with supplemental active funds as it moves along talks, according to its approach, to build potential combined efforts for the progression or early monetisation of possibilities all over its precious metal profile in Africa while it continues to study and examine probable appealing possibilities to extend the Business' resource platform.
Currently, the Company's essential portfolio is made up of: the fairly recently gained Kerboulé Gold Project in Burkina Faso; the Kossanto East Gold Project where the Corporation has determined a JORC deduced resource estimation; the Kossanto West Gold Project where the Firm continues to go through with initial discussions pertaining to a prospective mutual undertaking for its development; and two gold business interests in Ethiopia which are presently controlled by a shared business with Centamin plc.
Alecto’s President, Mark Jones, said: "We are delighted to have successfully gained 600k pounds in the present troublesome industry situations for the natural resources field. The additional resources will further enable us to place our investment portfolio efficiently, while simultaneously working in the direction of a high end undertaking that the firm believes can be backed up through to manufacture. A healthier balance sheet increases our negotiating position in combined purchase and agreement discussions. Whilst the placing cost, at a price reduction of 40 percent to the final bid price for each share within the first couple of weeks of 2015, reveals the funding challenges encountered by exploration firms in the current market segment, it puts the Firm in a better and much stronger ranking to achieve its goals in 2015."
Request for buying and selling on AIM and Total Voting Rights Application will be sent to the London Stock Market plc for the Placing Stock to be available for dealing.
