Last checked at 
(Alliance News) - Arc Minerals Ltd on Tuesday said it has acquired a further 20% stake in exploration company Zaco Investments Ltd, taking its total interest to 72.5%.
The Zambian-focused copper exploration and development company said the stake was bought from Zamsort founder & Arc Non-Executive Director Mumena Mushinge in an all-share deal for 10 million shares.
Following admission of the new shares, Arc's share capital will comprise 976.9 million shares, of which 67.1 million - or 6.9% - will be held by Mushinge.
Following the sale of his stake, Mushinge will step down from the board of Zaco.
"In line with our stated strategy, we are pleased to further consolidate our interest in Zaco and we regard this significantly increased interest as an important strategic step for Arc Minerals. We are now fully funded for our exploration programme for both the Zamsort and Zaco licenses and we are excited to start drilling the various targets. At Zaco, we will initially focus our drilling programme at the Fwiji target," said Arc Executive Chair Nick von Schirnding.
Arc Minerals shares closed 2.8% lower at 1.75 pence each on Tuesday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
