Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Avesoro Resources Inc       CA0515471070

SummaryNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

AVESORO RESOURCES : CLARIFICATION OF DIRECTORS' AND MAJORITY SHAREHOLDER'S HOLDINGS

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/09/2017 | 03:57pm CEST

Release date- 08082017 - Avesoro Resources Inc. ('Avesoro' or the 'Company'), the TSX and AIM listed West African gold producer, provides the following clarifications as to the Directors' and significant shareholder's holdings in the Company.

As at the date of his appointment to the Board on 15 July 2016, Mr Mehmet Gnal, Non-Executive Chairman of the Company (the 'Chairman'), held no common shares in the Company ('Shares') in his own name and through his shareholding in MNG Gold Jersey Limited (renamed Avesoro Jersey Ltd, 'Avesoro Jersey') had an indirect beneficial interest in 602,622,410 Shares representing approximately 50.1 per cent of the Company's issued share capital.

As at the date of his appointment to the Board on 15 July 2016, Mr Serhan Umurhan, Chief Executive Officer of the Company (the 'CEO'), held no Shares in his own name and through his shareholding in Avesoro Jersey had an indirect beneficial interest in 19,866,673 Shares representing approximately 1.7 per cent of the Company's issued share capital.

On 29 July 2016 following a corporate restructuring of Avesoro Jersey and its holding company, ultimate control of Avesoro Jersey was transferred from the Chairman to Mr Murathan Gnal, his adult son. Following this restructuring, Mr Murathan Gnal held an indirect beneficial interest in 642,355,756 Shares representing approximately 53.4 per cent of the Company's issued share capital and Mr Mehmet Gnal no longer had any interest in the Shares. The CEO maintained his 1.7 per cent indirect beneficial interest in the Shares.

On 31 October 2016, the indirect beneficial ownership of Avesoro Jersey changed, such that Mr Murathan Gnal decreased his indirect beneficial interest in the Shares to 622,489,083 Shares representing approximately 51.7 per cent of the Company's issued share capital. The CEO maintained his 1.7 per cent indirect beneficial interest in the Shares.

Upon completion of a fundraise by the Company on 6 December 2016, Avesoro Jersey increased its shareholding in the Company by 3,250,000,000 Shares to 3,912,222,429 Shares representing approximately 73.5 per cent of the Company's issued share capital. As a result, Mr Murathan Gnal's indirect beneficial interest in the Shares increased to 3,677,489,083 Shares representing approximately 69.1 per cent of the Company's issued share capital and the CEO's indirect beneficial interest in the Shares increased to 117,366,673 Shares representing approximately 2.2 per cent of the Company's issued share capital.

Contact:

Geoff Eyre

Tel: +44(0) 20 3874 4740

About Avesoro Resources Inc.

The Company's assets include the New Liberty Gold Mine in Liberia (the 'New Liberty Gold Mine,' 'New Liberty' or the 'mine') which has an estimated proven and probable mineral reserve of 8.5 Mt with 924,000 ounces of gold grading 3.4 g/t and an estimated measured and indicated mineral resource of 9,796 Kt with 1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred mineral resource of 5,730 Kt with 593,000 ounces of gold grading 3.2 g/t. A Definitive Feasibility Study ('DFS') has been completed, the first gold pour has taken place and commercial production has been declared. The foregoing mineral reserve and mineral resource estimates and additional information in connection therewith are set out in the Company's technical report dated March 25, 2015 and entitled 'New Liberty Gold Project, Bea Mountain Mining Licence Southern Block, Liberia, West Africa, Definitive Project Plan.

The New Liberty Gold Mine is located within the Southern Block of the 100% owned Bea Mountain mining licence. This licence covers 478 km-2 and has a 25 year, renewable, mineral development agreement. The Bea Mountain mining license also hosts additional gold projects of Ndablama, Gondoja, Weaju and Leopard Rock which are the focus of exploration programs during 2016. Ndablama has an indicated mineral resource of 386,000 ounces of gold grading 1.6 g/t and inferred mineral resource of 515,000 ounces of gold grading 1.7 g/t and Weaju has an inferred mineral resource of 178,000 ounces of gold grading 2.1 g/t. The Yambesei (473 km2), Archaen West (56 km2), Mabong (36.6 km2) and Mafa West (15.6 km2) licences will also be subject to preliminary reconnaissance geological work. The foregoing mineral resource estimates and additional information in connection therewith are set out in the Company's technical report dated December 1, 2014 and entitled 'Ndablama and Weaju Gold Projects, Bea Mountain Mining Licence, Northern Block, Technical Report on Mineral Resources' ('Ndablama and Weaju Technical Report 2014').

(c) 2017 Electronic News Publishing -, source ENP Newswire

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AVESORO RESOURCES INC
10/18 AVESORO RESOURCES : enters agreement to purchase new heavy mining equipment
10/16 AVESORO RESOURCES : acquires heavy mining equipment
10/16 AVESORO RESOURCES INC. : - Acquisition of Heavy Mining Equipment and Disclosure ..
10/16 AVESORO RESOURCES : Acquisition of heavy mining equipment and disclosure of smal..
10/13 AVESORO RESOURCES : New liberty updated mineral resource and reserve estimate an..
10/11 AVESORO RESOURCES INC. : - New Liberty Updated Mineral Resource & Reserve Estima..
10/11 AVESORO RESOURCES : New liberty updated mineral resource & reserve estimate and ..
08/14 AVESORO RESOURCES : Results for the three months ended 30 june 2017
08/11 AVESORO RESOURCES INC. : - Results for the Three Months Ended 30 June 2017
08/11 AVESORO RESOURCES : Results for the three months ended 30 june 2017
More news
News from SeekingAlpha
2016 RESOURCE SECTOR DIGEST : Broullete Edition
2016 RESOURCE SECTOR DIGEST : Pardon Our French!
2016 RESOURCE SECTOR DIGEST : Reviewing A Very Volatile Week On The Gold And Oil Mark..
2016 RESOURCE SECTOR DIGEST : The Yellow Fever Is Back
2016 RESOURCE SECTOR DIGEST : About Yellow Gold And Black Gold
Financials ($)
Sales 2017 95,1 M
EBIT 2017 -6,30 M
Net income 2017 -16,0 M
Debt 2017 -
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
Capi. / Sales 2017 1,51x
Capi. / Sales 2018 0,79x
Capitalization 144 M
Technical analysis trends AVESORO RESOURCES INC
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 0,05 $
Spread / Average Target 76%
Managers
NameTitle
Serhan Umurhan Chief Executive Officer & Director
Mehmet Nazif Günal Non-Executive Chairman
Geoff Eyre Chief Financial Officer & Director
David George Netherway Independent Non-Executive Director
Jean-Guy Martin Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
AVESORO RESOURCES INC144
POLYUS PAO--.--%32 531
NEWMONT MINING CORP10.92%20 152
BARRICK GOLD CORP-5.29%18 680
SAUDI ARABIAN MINING COMPANY (MA'ADEN)--.--%15 705
NEWCREST MINING LIMITED6.57%13 036