Arc Minerals Ltd - exploring for copper and cobalt in the Zambian copperbelt - Raises GBP2 million before expenses through a placing of and subscription for 57 million shares at 3.5 pence per share with London-based investment company Hargreave Hale Ltd. Says the placing was led by London-based investment management services WH Ireland Ltd and the proceeds from the placing will be used to strengthen its balance sheet ahead of the upcoming year. Notes an application will be made for the placing shares to be admitted to trading on the AIM market on or around January 18.
"I'm very pleased to welcome Hargreave Hale as our first major UK institutional investor to make an investment in Arc, who will have an interest in approximately 5.5% of the issued ordinary shares on admission." says Executive Chair Nick von Schirnding.
Current stock price: 4.02 pence
Year-to-date change: up 3.7%
By Zoe Wickens; zoewickens@alliancenews.com
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