Placing to raise £500,000
Arkle raises £500,000 through placing of 166.7m shares at 0.3p per share with attached warrants.
- Amount raised £500,000
- Placing price 0.3p per share
- Premium to prior close 28%
- New ordinary shares issued 166,666,667
- Warrants issued 166,666,667
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Placing at a significant premium of 28%
Arkle Resources (AIM: ARK) is pleased to announce that it has raised £500,000 in a private placing with existing and new shareholders in the United Kingdom and Ireland at a price of 0.3p per share (the "Placing Price") through the issue of 166,666,667 new ordinary shares ("Placing Shares") (the "Placing"). Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 0.3p for a period of two years ("Warrants"). The Placing Price represents a premium of 28% on the closing price the day prior to this announcement.
The funds will be used to help develop Arkle's two areas of activity, base metals, particularly zinc in Ireland and lithium / magnesium in Botswana.
Arkle's principal Irish asset, the Stonepark zinc discovery (5m tonnes plus), has seen recent drilling activity. The Company's partner, Group Eleven Resources Corp. ("Group Eleven"), identified what it believes is one of the most prospective targets in Ireland in the Carrickittle area of the block. This will be drilled later this year when the current Group Eleven Ballywire drilling programme pauses. Ballywire is on the same trend as Carrickittle. High grade zinc results are being reported by Group Eleven which has three drill rigs working at the site.
At Arkle's second main area of activity, its lithium brines in Botswana, a detailed drilling programme is being planned for the coming months. Lithium is vital for future climate control. Arkle has 1,612sq km of ground and has identified lithium and magnesium. Applying Direct Lithium Extraction (DLE) to the brines recovers both magnesium and lithium. This technique is potentially more efficient, environmentally friendly and cost effective than traditional extraction methods.
John Teeling, Chairman of Arkle, commented: "We are delighted to welcome new shareholders who see the potential in Arkle which our loyal shareholders have seen and supported over the years. We raised money at above the market price and had to refuse some investment to avoid further dilution.
"Irish zinc is looking increasingly attractive to investors. High prices and good exploration results in a stable environment is a powerful combination.
"Lithium and magnesium are vital metals for the future and we believe the future is in brines. We are fortunate to have excellent ground in a stable location. Evolving DLE technology is expected to have a massive impact on viability. All in all, we are well placed."
DIRECTOR PARTICIPATION
John Teeling and David Cockbill, both directors of the Company, have participated in the Placing on the same terms as described above as follows:
| No. of Placing Shares subscribed for | Resultant shareholding | % of enlarged share capital | |
|---|---|---|---|
| John Teeling | 8,333,333 | 60,280,535 | 8.24 |
| David Cockbill | 8,333,333 | 26,768,741 | 3.80 |
Mr Teeling and Mr Cockbill have also been issued with 8,333,333 Warrants each.
RELATED PARTY TRANSACTION
The participation of John Teeling and David Cockbill in the Placing (including the issue of Warrants) is a related party transaction for the purposes of AIM Rule 13 of the AIM Rules for Companies. The director independent of the Placing (being James Finn) considers, having consulted with SP Angel Corporate Finance LLP, the Company's Nominated Adviser, that the participation in the Placing by Mr Teeling and Mr Cockbill is fair and reasonable in so far as Arkle's shareholders are concerned.
ADMISSION AND TOTAL VOTING RIGHTS
An application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Placing Shares on AIM will commence on or around 6 August 2025.
In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that on completion of the Placing and following Admission, the Company's enlarged issued ordinary share capital will comprise 731,477,664 ordinary shares.
| a) | Name | Arkle Resources plc |
| b) | LEI | 213800CTOO8MOLMNEQ44 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of €0.0025 each. |
| Identification code | ISIN: IE00B2357X72 | |
| b) | Nature of the transaction | Participation in Placing |
| c) | Price(s) and volume(s) | Director Price Volume John Teeling 0.3p 8,333,333 David Cockbill 0.3p 8,333,333 |
| d) | Aggregated information | |
| - Aggregated volume | N/A | |
| - Price | 0.3 pence | |
| e) | Date of the transaction | 30 July 2025 |
| f) | Place of the transaction | Off-market |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1) John Teeling 2) David Cockbill |
| 2 | Reason for the notification | |
| a) | Position/status | 1) Chairman 2) Director |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Arkle Resources plc |
| b) | LEI | 213800CTOO8MOLMNEQ44 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of €0.0025 each. |
| Identification code | ISIN: IE00B2357X72 | |
| b) | Nature of the transaction | Issue of Warrants |
| c) | Price(s) and volume(s) | Director Price Volume John Teeling 0.3p 8,333,333 David Cockbill 0.3p 8,333,333 |
| d) | Aggregated information | |
| - Aggregated volume | N/A | |
| - Price | 0.3 pence | |
| e) | Date of the transaction | 30 July 2025 |
| f) | Place of the transaction | Off-market |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.