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LONDON (Alliance News) - Arc Minerals Ltd on Monday said it raised GBP2.0 million through a share placing to fund exploration and development work on its Kalaba copper-cobalt project in Zambia.
The investment company said it issued 44.4 million shares at a price of 4.5 pence each. The placing price represents a premium of 13% over the closing mid-price on Friday of 4p.
The stock was trading 6.9% higher on the day Monday at 4.28p per share.
The company said it intends to use funds to cover the costs of exploration and development work on its Kalaba copper-cobalt project and for general working capital purposes.
"We were approached by a European Family Office and a South Africa based institution to provide further funding for our exciting Zambia exploration programme," said Chief Executive Nick von Schirnding.
"Raising funds at a premium to the share price underscores the quality of our Zamsort copper and cobalt asset and I am also pleased that the majority of the board and management participated in the raise," added Nick von Schirnding.
