Subscription

3 August 2016

Acorn Minerals Plc (the "Company")

Subscription

The Company is pleased to announce that it has entered into conditional agreements with a group of unconnected investors introduced by Peterhouse Corporate Finance, pursuant to which such investors will subscribe in cash for 16,517,778 new ordinary shares in the capital of the Company (Subscription Shares) at 15p per share (Subscription Price) to raise gross proceeds of £2,477,666.70 (Subscriptions).

On issue, the Subscription Shares will represent 53.62% of the issued share capital as enlarged by the Subscription Shares.

The Subscription Price stands at a 71.43% premium to the closing middle market price of an ordinary share in the capital of the Company on 2 August 2016, being the latest practical date before the date of this announcement.

Completion is scheduled to take place on or before 30 September 2016 or such later date as the parties may agree. On completion the existing directors will resign and be replaced by directors nominated by the investors.

Completion of the Subscriptions is conditional upon:

· evidence satisfactory to the investors as to the passage of resolutions at a general meeting of the Company to authorise the allotment and issue of the Subscription Shares;

· evidence satisfactory to the investors of a prospectus relating to the issue of the Subscription Shares having been approved by the FCA; and

· aggregate subscription monies being received by of not less than £2,477,666.70 (such sum having been deposited prior to exchange of the subscription agreements).

Further details will be provided in due course in a shareholder circular and in the prospectus.

The information contained within this announcement is deemed to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014. On the publication of this announcement, this inside information is now considered to be in the public domain.