Promotion: Capital invested is at risk. Non-Independent Research / Marketing Communication. Attention is drawn to the disclaimers and risk warnings within this document.
THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN MEDPAL PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
Richmond Hill Resources PLC (AIM: RHR) announces that the Company has raised gross proceeds of £600,000 through a placing of 23,077,000 new ordinary shares of 0.1 pence each ("Ordinary Shares") at a price of 2.6 pence per new ordinary share (the "Issue Price") (the "Placing"). In addition, further to the announcement on 18 December 2025, the Company has entered into a sale and purchase agreement (“SPA”) with Ulvestone Ltd (“the Vendor”) with respect to the Martello Gold Project in Canada.
Placing
Richmond Hill has raised gross proceeds of £600,000 comprising the Placing of 23,077,000 new Ordinary Shares at the Issue Price through its broker, Clear Capital Limited. The Issue Price represents a 6% premium to the mid-market closing price of 2.45 pence per Ordinary Share on 27 January 2026, being the latest practicable business day prior to the publication of this announcement.
The net proceeds of the Placing will be used to provide the Company with additional funding for general working capital and to progress its newly acquired Martello Gold Project in Ontario, Canada.
The Company is exploring the implementation of a facility to enable retail investors to participate in a future equity fundraise. A further announcement will be made in due course should such a facility be established.
Martello Gold Project
The Company has entered into an SPA to acquire the Martello Gold Project. The terms of the SPA are the same as the terms announced on 18 December 2025 with the exception that the vendor party has changed from Olerud Ltd to Ulvestone Limited. Ulvestone Ltd has assumed the Vendor’s rights and obligations under the transaction in place of Olerud Ltd. Both companies are controlled by James Ikin, a substantial shareholder in the Company.
As announced on 5 January 2026, work has commenced on historic data compilation and digitisation is ongoing to define high-priority drill targets for a maiden drill programme. The Company has been informed that the database compilation will be completed shortly.
Initial Cash and Equity Payment and Issue of Creditor Shares
Richmond Hill will shortly make a payment to the Vendor of £100,000 in cash.
Richmond Hill has also issued 38,750,000 new Ordinary Shares at a price of 2 pence per share ("Consideration Shares") to the Vendor in line with the first tranche payment due to the Vendor under the SPA.
The Company has also issued 1,300,000 new Ordinary Shares in the Company at a price of 2 pence per share to an outstanding creditor to settle existing liabilities (“Creditor Shares”).
Related Party Transaction
James Ikin, who is a substantial shareholder in the Company, controls the Vendor and therefore the entering into of the SPA constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of the Company, all being independent of the transaction, having consulted with the Company’s nominated adviser, Cairn Financial Advisers LLP, consider that the terms of the transaction are fair and reasonable insofar as the Company’s shareholders are concerned.
Admission
Application will be made to the London Stock Exchange for the admission of 63,127,000 new Ordinary Shares to trading on AIM ("Admission"). Admission is expected to occur on or around 11 February 2026. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares.
Total Voting Rights
For the purposes of the Disclosure and Transparency Rules, following Admission, the Company's issued share capital will comprise 657,337,949 Ordinary Shares of 0.1 pence each. This figure may be used by shareholders as the denominator for calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.
Hamish Harris, CEO of Richmond Hill, commented: "The Board is delighted to have successfully raised funds at a premium to the prevailing share price on 27 January 2026. With gold trading above $5,000 per ounce at the time of this announcement and Richmond Hill is poised to commence drilling in the near term, we are excited about the significant momentum the Company has achieved in such a short period since listing. This fundraise positions us strongly to unlock value for shareholders as we advance our exploration programme."
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
For further information, please contact:
Richmond Hill Resources
Hamish Harris
Tel: +44 (0)787958 4153
Cairn Financial Advisers LLP (Nominated Adviser)
Ludovico Lazzaretti / James Western
Tel: +44 (0)20 7213 0880
Clear Capital Limited (Broker)
Bob Roberts
Tel: +44 (0) 20 3869 6080
Further information on the Company can be found on its website at www.richmondhillresources.com
Nothing in the above article should be considered investment advice.
Small Cap or Aquis listed companies can be highly illiquid making them difficult to sell at the quoted price, and in some cases, it may be difficult to sell them at any price. Small Cap or Aquis listed companies can have a large bid / offer spread which means there could be a large difference between the buying and selling price. Companies listed on the Aquis market can be highly volatile and are considered high risk speculative investments. The value of your investment can go down as well as up, your Capital is at risk you may not get back the amount invested. Please ensure that you fully understand the risks involved. If in any doubt, please seek independent financial advice. This document is published by Clear Capital Markets and does not constitute a solicitation or personal recommendation for the purchase or sale of investment. The investments referred to may not be suitable for all investors. Any data or views given should not be construed as investment advice. Every effort is made to ensure the accuracy of the information, but no assurance or warranties are given.
Clear Capital Markets Corporate Broking acts as a Corporate Broker to Richmond Hill Resources PLC and holds warrants and shares in the company. Employees and/or directors of Clear Capital Markets may deal in shares of Richmond Hill Resources PLC for their own personal accounts. These scenarios may give rise to a conflict of interest where Clear Capital Markets also provides clients with an advisory service for transactions involving Richmond Hill Resources PLC. The firm has established Conflicts of Interest (“COI”) and Personal Account Dealing (“PAD”) policies to mitigate the risk of a conflict causing damage to the interests of its clients. The measures taken include: (i) Enforcing minimum holding or ‘lock-in’ periods; and (ii) Requiring internal review and approval from the compliance department for employees or directors entering into personal transactions involving Richmond Hill Resources PLC. The COI and PAD policies are available upon request. Before Clear Capital Markets proceeds with a placing, a number of factors are considered including: liquidity of stock, company diversification, market capitalisation and potential news flow. Only once minimum criteria are satisfied would we elect to proceed. Any remuneration payable to Clear Capital Markets has no bearing on whether it proceeds with a placing. These administrative controls mitigate the risk of a conflict causing damage to the interest of a client, but the inherent risks of this business model cannot be eliminated. Accordingly, Clear Capital Markets is required to disclose this conflict to help clients to assess the service that they are being offered in light of Clear Capital’s own interests, and to decide on the extent (if at all) to which they will rely on, or proceed with, the service.
We will reach out for a quick introductory fact find to see how we can best serve your specific needs and arrange a convenient time for a consultation with a member of the appropriate specialist team.
An Advisory Broker will contact you for a deeper fact find and share information on how we can best enhance your portfolio.
We will conduct a full RCP in accordance with FCA regulations to ensure that your appropriate risk profile is set. You will then have access to an extensive suite of investments, supported by your dedicated Advisory Broker.
