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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Avesoro Resources Inc       CA0515471070

AVESORO RESOURCES INC
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Avesoro Resources Inc. : - Results of Special Meeting of Shareholders

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12/14/2017 | 01:31pm CEST

TSX: ASO
AIM: ASO

TORONTO, Dec. 14, 2017 /CNW/ - Avesoro Resources Inc., ("Avesoro" or the "Company"), the TSX and AIM listed West African gold producer, is pleased to confirm that all the resolutions put to shareholders at the Company's special meeting of shareholders (the "Meeting") held today were duly passed.

The results for each resolution were as follows:

Resolution

Votes
For

%
For

Votes
Against

%
Against

Acquisition Resolution

1,254,320,724

99.84

1,989,913

0.16

Share Consolidation Resolution

5,170,269,811

99.95

2,752,988

0.05

Voting results on all matters voted on at the Meeting will be filed on SEDAR at www.sedar.com.

The Acquisition Resolution was subject to "majority of minority" approval required under relevant Canadian securities laws. Accordingly, any votes cast by Excluded Parties (as defined in the Company's Management Information Circular dated 1 November 2017), have been disregarded for determining the approval of the Acquisition Resolution.

Following the passing of all resolutions at today's Meeting, application has been made for 2,830,941,822 new shares of no par value in the Company ("Shares") to be issued pursuant to the Placing and Acquisition to be admitted to trading on AIM and the TSX ("Admission"). It is expected that Admission to AIM will take place on or before 8.00 a.m. (London time) on 18 December 2017 and that dealings will commence at the same time. The TSX has conditionally approved the issue of new shares pursuant to the Placing and Acquisition. The new Shares will rank pari passu with the Company's existing Shares.

Following the issue of the new Shares the Company's issued share capital will comprise 8,155,700,823 Shares. Accordingly, the figure of 8,155,700,823 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

The Share Consolidation is expected to be implemented in 2018 and the Company will make a further announcement setting out the exact timing and effectiveness of the Share Consolidation in January, 2018.

Defined terms used in this announcement have the same meaning as in the Company's announcement of 7.00 a.m. on 31 October 2017.

About Avesoro Resources Inc.

Avesoro Resources is a West Africa focused gold producer and development company that operates three gold mines across West Africa and is listed on the Toronto Stock Exchange ("TSX") and the AIM market operated by the London Stock Exchange ("AIM"). The Company's assets include the New Liberty Gold Mine in Liberia (the "New Liberty Gold Mine" or "New Liberty") and the Youga and Balogo Gold mines in Burkina Faso ("Youga" and "Balogo").

New Liberty has an estimated proven and probable mineral reserve of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an estimated measured and indicated mineral resource of 9.6Mt with 985,000 ounces of gold grading 3.2g/t and an estimated inferred mineral resource of 6.4Mt with 620,000 ounces of gold grading 3.0g/t.  The foregoing Mineral Reserve and Mineral Resource estimates and additional information in connection therewith is set out in an NI 43-101 compliant Technical Report dated 1 November 2017 and entitled "New Liberty Gold Mine, Bea Mountain Mining Licence Southern Block, Liberia, West Africa" and is available on SEDAR at www.sedar.com.

Youga and Balogo have a combined estimated proven and probable mineral reserve of 9.3Mt with 513,000 ounces of gold grading 1.7g/t and a combined estimated indicated mineral resource of 16.05Mt with 801,600 ounces of gold grading 1.55g/t and a combined inferred mineral resource of 13Mt with 655,000 ounces of gold grading 1.57g/t. The foregoing Mineral Reserve and Mineral Resource estimates and additional information in connection therewith is set out in two NI 43-101 compliant Technical Reports, dated 16 June 2017 entitled "Mineral Resource and Mineral Reserve Update for the Balogo Project" and dated 19 June 2017 and entitled "Mineral Resource and Mineral Reserve Update for the Youga and Ouaré Projects" and are available on SEDAR at www.sedar.com.

For more information, please visit www.avesoro.com

Qualified Persons

The Company's Qualified Person is Mark J. Pryor, who holds a BSc (Hons) in Geology & Mineralogy from Aberdeen University, United Kingdom and is a Fellow of the Geological Society of London, a Fellow of the Society of Economic Geologists and a registered Professional Natural Scientist (Pr.Sci.Nat) of the South African Council for Natural Scientific ProfessionsMark Pryor is an independent technical consultant with over 25 years of global experience in exploration, mining and mine development and is a "Qualified Person" as defined in National Instrument 43 -101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators and has reviewed and approved the scientific and technical disclosures contained in this announcement.

SOURCE Avesoro Resources Inc.

© Canada Newswire, source Canada Newswire English

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Financials ($)
Sales 2018 303 M
EBIT 2018 40,9 M
Net income 2018 13,0 M
Debt 2018 104 M
Yield 2018 -
P/E ratio 2018 17,27
P/E ratio 2019
EV / Sales 2018 1,02x
EV / Sales 2019 1,02x
Capitalization 204 M
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Average target price 4,36 $
Spread / Average Target 72%
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Serhan Umurhan Chief Executive Officer & Director
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David George Netherway Independent Non-Executive Director
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