(Alliance News) - Marula Mining PLC on Friday issued a share-based payment to its joint venture partners at the Nyorinyori and NyoriGreen graphite projects in Tanzania.

The Africa-focused miner has conducted an initial exploration program at the Tanzanian projects alongside Takela Mining Tanzania Ltd and NyoriGreen Mining Ltd.

As announced in February, following completion of the initial exploration program, Marula was required to make a share-based payment of GBP100,000 to Takela through the issue of 799,361 new shares at a price of 12.51 pence.

Marula will also make a GBP250,000 payment to NyoriGreen Mining through the issue of 2.0 million shares at the same price.

An application has been made for the new shares to be admitted to trading on the Aquis Stock Exchange Growth Market, expected to occur by Thursday next week.

Chief Executive Officer Jason Brewere said: "With the milestone of initial exploration work completed at the Nyorinyori and NyoriGreen graphite projects, our belief in its high-grade graphite mineralisation potential, and our plan to develop the projects as a medium-scale graphite project, has been confirmed. As such, we are now commencing with our plans for Phase 2 exploration work."

Shares in Marula were down 2.5% at 8.85 pence each on the Aquis exchange on Friday.

By Hugh Cameron, Alliance News reporter

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