AFRICAN EAGLE RESOURCES PLC - Change in Directors shareholding and proposed Board Changes

Change in Directors’ shareholding and proposed Board Changes

African Eagle Resources plc
Incorporated in England and Wales
(Registration number 3912362)
(AIM share code: AFE AIM ISIN: GB0003394813)
(JSE share code: AEA JSE ISIN: GB0003394813)
(“African Eagle” or the “Company”)


Change in Directors’ shareholding and proposed Board changes


African Eagle announces that the Company has been notified of the following disposals of Ordinary
Shares of 0.1 pence each in the issued share capital of the Company (“Ordinary Shares”) by directors
of African Eagle (“Directors”) at a price of 0.225p per Ordinary Share and confirms that the Directors
no longer own any Ordinary Shares in the Company:

 Name                       Number of Ordinary Shares held prior to   % of issued share
                            the disposal                              capital (%)
 Julian McIntyre            184,245,047*                              21.15
 Mark Thompson              17,526,571                                2.01
 Paul Colucci**             14,285,714                                1.64
 *held by Allard Services Limited which is a family trust company of Non-Executive Director Julian
 McIntyre
 **this disposal is due to complete later today

The Ordinary Shares have been purchased by Salkeld Investments Limited, an entity wholly owned
by Mr Nick Clarke. Following the purchases Nick Clarke will be beneficially interested in 228,057,332
Ordinary Shares in African Eagle, representing approximately 26.18 per cent. of the issued share
capital.

The Company also announces that it is proposed that Mr Nick Clarke and Mr Kola Karim will, subject
to compliance with the AIM Rules, be appointed to the Board in due course and it is proposed that
Julian McIntyre, Venkat Siva, Mark Thompson and Paul Colucci will resign with effect from the
appointment date of Mr Clarke and Mr Karim or earlier. A separate announcement will be made in due
course in relation to the proposed new Board members in accordance with the AIM Rules.

Nick Clarke went to the Camborne School of Mines graduating with a BSc in mining and is an
entrepreneur having founded and sold two trading house businesses. Since 2010, Mr Clarke has
been a private investor in a number of resource companies, including African Eagle Resources plc.
Mr Clarke purchased substantially all of the African Eagle subsidiaries’, assets and liabilities in August
2013.

Kola Karim is Group Managing Director and Chief Executive Officer of Shoreline Energy International,
an energy and infrastructure company focused on Africa.

Further announcements will be made in accordance with the AIM Rules in due course.

For further information please visit www.africaneagle.co.uk or contact the following:

Enquiries:
African Eagle Resources plc                                  Tel: +44 (0) 20 7002 5361
Robert McLearon, Managing Director

Beaumont Cornish Limited (Nominated Adviser)                 Tel: +44 (0) 207 628 3396
Roland Cornish
Emily Staples

Pareto Securities Limited (Broker)                           Tel: +44 (0) 20 7786 4370
Guy Wilkes


JSE Sponsor
Merchantec Capital

9 April 2014


About African Eagle
African Eagle Resources plc is quoted on the AIM Market of the London Stock Exchange (AFE) and
Johannesburg AltX (AEA) stock exchanges.

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