Marula Mining PLC
(“Marula’’ or the “Company”)
17 February 2023
Marula Further Expands Graphite Interests in
Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to announce that it has entered into a binding heads of agreement with Tanzanian mining company, Takela Mining Tanzania Limited (“Takela”), to secure a 75% interest in 10 granted graphite licences that make up the Nyorinyori Graphite Project (the “Project”), located in the Simanjiro District, in the Manyara Region of
The signing of the Agreement with Takela further strengthens the Company’s position both in graphite in
The Agreement with Takela is in addition to the 49% commercial interest the Company secured in the Kinusi copper mining project located in
- Marula has entered into a binding heads of agreement with Takela to secure a 75% interest in 10 granted graphite licenses that make up the Project located in Simanjiro District in the Manyara Region of
- Initial consideration of £100,000 to be completed through the issue of 1,333,333 shares at a price of
7.5 pence(“Initial Consideration Shares”), which are subject to a voluntary 12 month lock up provision
- The Initial Consideration Shares are to be issued at a premium of approximately 52 per cent. to the closing middle market price of
4.95 penceper share on 16 February 2023, and at a premium of 100 per cent. to the recent conditional subscription by Q Global, announced 31 January 2023
- Three further share-based payments, each of £100,000, will be issued to Takela based on a 30-day volume weighted average price per share at the time of issue and subject to the achievement of key technical milestones including; completion of initial exploration program, resource definition drilling and release of a JORC Compliant Resource statement and a decision to mine being reached by the Company
- Under the terms of the Agreement, Marula will be responsible to fund the first
US$100,000of exploration activities and is focused on advancing the Project through to completion of a feasibility study and a decision to mine being reached by the Company
- The Project is considered highly prospective for graphite, with shallow graphite mineralisation observed on the license areas and small-scale mining of graphite already taking place with sales of bagged mined product being made to Chinese companies in the local area
- The Company is currently finalising its plans to commence an initial exploration program targeting high-grade, jumbo and large flake graphite mineralisation across the 10 granted mining licenses
About the Licences
Takela is the 100% holder of 10 primary mining licences located in the Nyorinyori area in Simanjiro District, in the Manyara Region of
The Licences are contiguous and extend over a combined area of approx. 86 hectares and are valid for a 7-year period to 2 February 2030 to allow the holder to prospect and mine for graphite.
Application has been made for the 1,333,333 Initial Consideration Shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around 23 February 2023 (“Admission”) 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 106,053,081 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 106,053,081. 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.
Jason Brewer, Marula Mining PLC CEO said:
"Once again, and in line with our strategy, I am delighted to share that with this agreement, Marula has further expanded its footprint in the battery metal sector.
“Our decision to expand our interest in the graphite sector, is attributable to both the opportunities we see in
“We are extremely happy to have worked with Takela again on this agreement and we look forward to exploring what the Directors believe is an exciting project with their team and where already we are able to observe shallow graphite mineralisation across the license area. We look forward to updating shareholders on our progress and further developments in Tanzania.”
The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of
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
Marula’s strategy is to identify and invest in advanced and high-value mining projects throughout East, Central and
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 Group plc, and Kenya’s Nairobi Securities Exchange.
For enquiries contact:
|Marula Mining PLC
Chief Executive Officer
Faith Kinyanjui Mumbi
Email : email@example.com
Email : firstname.lastname@example.org
|AQSE Corporate Adviser
Cairn Financial Advisers LLP,
Liam Murray / Ludovico Lazzaretti
|+44 (0)20 7213 0880|
Tom Curran / Thomas Smith
|+44 (0) 20 7392 1568|
|Financial PR and IR
Tim Blythe / Megan Ray
|+44 (0)20 7138 3204|
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi?ed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re?ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.