Bluebird Mining Ventures Limited — Capital/Financing Update 2018

Nov 15, 2018

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RNS Number : 3847H

Bluebird Merchant Ventures Limited

15 November 2018

15 November 2018

Bluebird Merchant Ventures Ltd

(the "Company" or "Bluebird")

Completion of Bluebird's Premium Private Placement

Bluebird Merchant Ventures (LSE: BMV), the Asian focused resource development group is pleased to announce completion of a Private Placement of USD 380,000 at a premium of GBP 0.025 per share.

Highlights:

·      Management and major shareholders led the USD 380,000 premium Private Placement

·      Future conversion agreed of USD 750,000 of funding provided by Colin Patterson

Management led and completed a Private Placement, raising gross proceeds of USD 380,000 through the placement of 11,761,840 common shares of no par value at a subscription price of GBP 0.025 per share. Following issuance of the Placement Shares, the Company has a total of 227,829,831 common shares in issue and admitted to trading on the Standard List of the London Stock Exchange. The net proceeds of the Private Placement will be invested in advancing Bluebird's two South Korean mining projects, Gubong and Kochang.  

In addition to the Private Placement, 11,761,840 warrants at an exercise price of GBP 0.025 with an expiry date of 12 months, were issued. The warrants have an Accelerator, whereby if the share price trades at GBP 0.03 or above for 10 consecutive days, the warrant must be exercised within 10 days or be terminated.  Should the warrant be exercised, a further one warrant for every share subscribed for shall be issued with an exercise price of GBP 0.04 with an expiry date of 18 months.  If the share price trades at GBP 0.05 or above for 10 consecutive days, the warrant must be exercised within 10 days or be terminated.

In addition to the Private Placement, funding of USD 750,000, provided by CEO, Colin Patterson, which was first announced on 19 December 2017, will also be converted at the premium price of GBP 0.025.  These shares will be issued subject to publication of a prospectus at a future date. 

Colin Patterson, CEO, commented:

"We are pleased to have completed a premium Private Placement given the current market conditions.  This demonstrates the confidence in our South Korean projects and in the progress that has been made as we continue to move towards our goal of reopening the mines.

"We look forward to updating the market in the next few weeks regarding metallurgical test results from the Kochang gold and silver mine." 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")

Enquiries:

Bluebird Merchant Ventures Ltd	+44 (0) 7797 859986
Jonathan Morley-Kirk, Non-Executive Chairman
SP Angel Corporate Finance LLP Ewan Leggat Smaller Company Capital Ltd Rupert Williams /Jeremy Woodgate	+ 44 (0) 20 3470 0470 +44 (0) 20 3651 2910
Blytheweigh	+44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall / Julia Tilley

www.bluebirdmv.com

@BluebirdIR

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