Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company

18 October 2016

Armadale Capital Plc (‘Armadale’ or ‘the Company’)

Directorate Change

Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce that it has appointed Nicholas Johansen to the Board as Non-Executive Director with immediate effect. Mr Johansen, an Australian national, is currently Director and Partner of Cozens Johansen Lawyers which specialises in resources and energy law as well as commercial and corporate law. The Board anticipates that his extensive knowledge and experience in the mining sector will be highly beneficial following the Company’s acquisition of the high grade Mahenge Liandu Graphite Project in south-east Tanzania in July 2016.

Mr Johansen has extensive experience in junior mining exploration and producing companies in many different commodities. He is also an expert on environmental regulation. Prior to forming his own legal practice in March 2015, he worked for Ward Keller, a Darwin based law firm with whom he completed his Graduate Diploma of Legal Practice at Australian National University. He also holds a BA in economics from the University of Adelaide.

William Frewen, Chairman of Armadale, said, “Nick has a strong background in mining, which we believe will prove enormously helpful as we continue to develop the Mahenge Liandu Graphite Project. Recent results from Mahenge Liandu have been encouraging, with the first drilling results highlighting extended high grade graphite mineralisation.”

The following information regarding Nicholas Johansen, aged 34, is disclosed under Schedule 2(g) of the AIM Rules for Companies:

As part of his remuneration, Mr Johansen is being issued 500,000 Ordinary Shares of 0.1 pence each in the Company (‘Ordinary Shares’) at a deemed issue price of 3.12p.

Pursuant to the rules of the Company’s share option scheme, Mr Johansen has been granted options over 250,000 Ordinary Shares exercisable at 4 pence per Ordinary Share and options over 250,000 Ordinary Shares exercisable at 5 pence per Ordinary Share. The options are exercisable up to four years from his appointment and the vesting period is six months for the options at 4p per Ordinary Share and twelve months for the options at 5p per Ordinary Share.

There are no further disclosures to be made under Schedule 2g of the AIM Rules for Companies.

The Company has applied for admission of 500,000 new Ordinary Shares to trading on AIM. Dealings are expected to become effective on 21 October 2016 (‘Admission’). Following Admission, the Company will have 209,001,967 Shares in issue with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares currently held in treasury. The total number of voting rights in the Company therefore will be 209,001,967 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Rules and Transparency Rules.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

**ENDS**

Notes

Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.

More information can be found on the website www.armadalecapitalplc.com.

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