Pelican House Mining Plc - Change of Strategy; Conditional Issue of Equity

PR Newswire

London, December 6

Pelican House Mining plc

(the "Company" or "Pelican House Mining")

Proposed Change of Investment Strategy; Conditional Share Placing

Proposed Change of Investment Strategy

The Board of Pelican House Mining today announces that it intends to seek shareholders’ approval for, inter alia, the adoption of an investment strategy focusing on generating an attractive rate of return for shareholders by the provision of finance to businesses within the sports and leisure sectors together with their associated intellectual property, media, technology and infrastructure.

A circular (“Circular”) is being prepared and shall shortly be issued, which will set out the reasons that the Directors consider it to be in the best interests of the Company and of its shareholders as a whole for this to occur; and to seek shareholders’ approval for this and other measures at a General Meeting to be convened for the purpose.

Conditional Placing of Equity

The Company further announces that, conditional only upon the passing of the resolutions to be placed before shareholders at the forthcoming General Meeting, full details of which shall be set out in the Circular, it has arranged to raise approximately £60,000 before expenses through a placing (the “Placing”) of 13,333,333 new ordinary shares of 0.1 pence each in the capital of the Company (the “Placing Shares”) at 0.45 pence per share (the “Placing Price”) with Eight Capital Partners plc (the “Investor”). The Investor will also receive 13,333,333 warrants over a like number of new ordinary shares, each with a life of three years from the date of issue and exercisable at the Placing Price. Owing to the common directorships of John Treacy of the Company and of the Investor, the Placing will be a related party transaction.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (Market Abuse Regulation).

Simon Grant-Rennick,

Chairman,

Pelican House Mining plc,

London, 6th December 2018

The foregoing announcement has been issued after due and careful enquiry; the Directors of Pelican House Mining accept responsibility for its content.

Enquiries:

Pelican House Mining plc: Simon Grant-Rennick

E-mail: [email protected];

[email protected]

Tel: + 44 797 325 3124

Keith, Bayley, Rogers & Co. Limited: Graham Atthill-Beck

E-mail: [email protected] /

[email protected]

Tel: +44 20 7464 4091

Mob: +44 750 643 4107; +971 50 856 9408

Brinsley Holman

E-mail: [email protected]