Marula Mining (AQSE: MARU) an African focused mining and development company, announces the (i) exercise of warrants held by Gathoni Muchai Investments Limited (“GMI”) and the associated director dealings of the Company’s Chief Executive Officer, Mr Jason Brewer; and (ii) the issue of the second tranche of equity, as announced on 22 September 2023, to Traxys LP.
Exercise of Warrants & Director Dealing
The Company has received notification for the exercise of warrants over 400,000 new ordinary shares in the Company at an exercise price of 4 pence per share (the “Warrant Shares”) held by GMI, a company in which Mr Brewer, a Director and Chief Executive Officer of the Company, is a director and shareholder. The Company has also agreed to a request by Mr Brewer for his monthly salary payments to be used going forward to exercise these and other warrants held by GMI and to complete any potential market purchases as a further sign of his commitment to the Company’s developing battery metals business.
Following the transaction, Mr Brewer has an indirect interest in 16,388,750 ordinary shares in the Company (held through GMI), representing 10.11 per cent. of the issued share capital of the Company as enlarged by the admission of the Tranche 2 Shares and the Warrant Shares.
Issue of Equity
Further to the announcement on 22 September 2023, the Company has issued the balance of 10,999,995 new ordinary shares at an issue price of 14 pence per new ordinary share to Traxys LP as per the terms of the Termination (“Tranche 2 Shares”).
Richard Lloyd, Marula Mining PLC Chairman said:
“It is pleasing to see the ongoing support of GMI who, as one of our largest shareholders, continue to support the Company in its mine development and exploration activities in East Africa. The commitment by our CEO, Jason, is also a further indication of his unwavering support to the Company and his desire to maintain a major shareholding in the Company, through GMI, as we continue to advance our battery metals strategy in Africa through mining and processing activities at the Blesberg Lithium and Tantalum Mine and through mine development and exploration activities at the Kinusi Copper Mine and at the Nyorinyori, NyoriGreen and Bagamoyo Graphite Projects in Tanzania.”
Admission
Application has been made for the Tranche 2 Shares and the Warrant Shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around 8 November 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 162,092,903 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 162,092,903. 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.
Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Company’s announcement dated 22 September 2023.
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; the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania and the Nkombwa Hill Project in Zambia. 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 the London Stock Exchange plc’s Standard List or AIM Market, Kenya’s Nairobi Securities Exchange and South Africa’s Johannesburg Stock Exchange.
