Issue of Equity

Bluebird Mining Ventures Ltd, a gold project development company, is pleased to announce an update on the Placing announced on 3 October 2024, initiated to enable shareholders and new investors to participate on the same Terms as the Directors, management and advisors fee conversions of £286,076 into equity (“Fee Conversion Shares”).

£62,000 has been raised in the Placing at a price 1p per share (“Placing Shares”), so accordingly, the £350,000 definitive loan amount (‘the Loan’), has been reduced to £288,000 and will be disbursed in 12 equal monthly tranches.  The Loan, which has been split equally between Catalyse Capital Ltd (“Catalyse”) and Tracarta Ltd (“Tracarta”), was formulated as the Board believes that the Company is currently materially undervalued and the utilisation of the capital markets at this point would be detrimental to all stakeholders.   A total of 6,200,000 Placing Shares has been issued.

A total of 43,031,705 Fee Conversions Shares have been issued.

Additionally, 5,000,000 of shares have been issued resulting from the conversion of a short term loan from Catalyse of £50,000 (“Short Term Loan Conversion Shares”) on the same terms as the Placing.

18,750,000 warrants at 1.5p with an expiry date of 30 September 2027 have been issued to each of Catalyse and Tracarta associated with the Loan.  Furthermore, 54,231,705 warrants at 1.25p with an expiry date of 10 October 2025 have been issued to various parties associated with the Placing Shares, Fee Conversion Shares and the Short Term Loan Conversion Shares.  The warrants have an accelerator whereby if the share price trades at a 10-day VWAP of 1.5p then the warrants must be exercised within 10 days or automatically lapse.

Application will be made for the Placing Shares, Fee Conversion Shares and Short Term Loan Conversion Shares which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on the Standard Listing Segment of the Main Market of the London Stock Exchange (“Admission”). Admission is expected on or around 18 October 2024.

The Company’s total issued and voting share capital upon Admission will be 767,096,747 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the securities of the Company.

Details of the Director/PDMR filings are set out below this announcement.

Bluebird Executive Director and Interim CEO Aidan Bishop said, “With the JV’s in place across our three gold projects in South Korea and the Philippines totalling c.US$9million, the new loan and a reduced cost structure, we are financed for at least another 12 months.  We believe we are materially undervalued highlighted by the high level of fee conversions into equity at the Placing price of 1p per share.  We hope that the next 12 months will see a material transformation in our project profile as we look to develop all three high grade gold projects.

“I’d like to than both Catalyse, Tracarta and indeed all of our advisors and hope that progress on the ground will reward all shareholders’ patience and we can deliver value for all stakeholders.”

This announcement contains inside information for the purposes of article 7 of the market abuse regulation EU 596/2014 (“MAR”).

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