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LONDON (Alliance News) - Arc Minerals Ltd on Tuesday said it has raised GBP2.2 million through a non-brokered private share placement to fund the continuing exploration and development work on its Zamsort copper project in Zambia.
The AIM-listed exploration company said it placed 73.6 million shares at a price of 3.00 pence each. The stock was trading 1.3% higher on Tuesday at 2.94p a share, giving Arc Minerals a market capitalisation of GBP18.3 million.
Each share comes with a warrant, which will entitle the holder for a period of 36 months to purchase one share at a price of 4.50p.
"We were approached by two family offices, one of which is already a shareholder, for further funding to progress our newly identified targets at Zamsort," said Executive Chair Nick von Schirnding.
"This is a very good outcome for us and as a result we will be accelerating work in respect of Cheyeza West and other key targets and will start a comprehensive drilling programme as soon as possible," added von Schirnding.
Arc Minerals said several directors have participated in the fundraising, with von Schirnding acquiring 2.3 million shares at a placing price, taking its interest in the company to 15.9 million shares, representing 2.3% stake. In addition, von Schirnding holds 16.2 million options and warrants.
Non-executive directors Don Bailey, Mumena Mushinge, and Brian McMaster bought a total of 1.1 million shares at 3.0p each, worth GBP33,000. Following the admission, Bailey's stake will total 1.1%, Mushinge will have an 8.1% holding and McMaster will hold 0.4% interest in the company.
In addition, Chief Operating Officer Vassilios Carellas and Chief Financial Officer John Forrest bought 200,000 shares and 133,334 shares, respectively, worth GBP10,000 in aggregate. Upon admission, Carellas and Forrest will hold 0.4% and 0.6% stakes, respectively.
