Richland Resources Ltd Issue of shares for Capricorn Sapphire Project (2913S)

TIDMRLD

RNS Number : 2913S

Richland Resources Ltd

23 September 2014

Richland Resources Ltd

("Richland" or "the Company") (AIM: RLD)

Issue of 18 million shares re Capricorn Sapphire Project

Further to its announcement on 4(th) June 2014 Richland Resources Ltd today announces that it has issued 18 million fully paid new common shares (the "18 Million Shares") in the Company pursuant to the acquisition of 100 per cent of the Nardoo Sapphire project in Queensland Australia subsequently re-branded as Capricorn Sapphire ("Capricorn Sapphire").

The Capricorn Sapphire project was acquired by Richland for consideration of AUD$1.18 million (approximately. GBP 653,000 as at 4(th) June 2014) and 18 million fully paid new common shares in Richland (approximately 8.3% of Richland's enlarged share capital). The 18 Million Shares were the subject of a three month escrow period and are now being issued at the expiry of the escrow period to the vendors with each holding being below 3% of the enlarged share capital of the Company. Application will made to the London Stock Exchange for the 18 Million Shares to be admitted to trading on AIM. It is expected that such Admission will become effective and that dealings will commence at 8.00 a.m. on 26 September 2014.

Following the issue of the 18 Million Shares, the Company's issued share capital will consist of 217,209,895 Common Shares.

Following the issue of the 18 Million Shares, the Directors of the Company hold the following reduced percentage interests in the issued share capital of the Company:

 
Name              Number of Ordinary Shares  Percentage prior to issue of 18 Million Shares  Percentage of enlarged 
                                                                                                      Share Capital 
Nicholas Sibley                  14,311,788                                            7.2%                    6.6% 
Ed Nealon                        10,678,539                                            5.4%                    4.9% 
Ami Mpungwe                       6,244,686                                            3.1%                    2.9% 
Bernard Olivier                   2,374,422                                            1.2%                    1.1%

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For more information please contact:

 
 Bernard Olivier             Edward Nealon              Mike Allardice 
  Chief Executive Officer     Chairman                   Group Company secretary 
  +61 4089 48182              +61(0) 409 969 955         +852 91 864 854 
 Nominated Advisor &         Laurence Read 
  Broker                      Corporate Development 
  RFC Ambrian Limited         and Communications 
  Samantha Harrison           Officer 
  +44 (0) 20 3440 6800        +44 (0)20 3289 9923 
 http://www.richlandresourcesltd.com

This information is provided by RNS

The company news service from the London Stock Exchange

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