LONDON (Alliance News) - Arc Minerals Ltd said Tuesday it raised its stake in Zamsort Ltd from 14% to 49% buying Terra Metals Ltd's shares in exchange for 102 million Arc Minerals shares.
Arc also holds a convertible loan note in Zamsort, which is a copper-cobalt project in Zambia. This is convertible into an additional 5.34% interest in the share capital of Zamsort, which could potentially increase Arc's holding to 54.34%.
The mine development and exploration company also said it raised GBP2.5 million before expenses through the placing of 104 million new ordinary shares at 2.4 pence per share. The company said the funds from the placing will be used to initiate an exploration program at Zamsort.
Shares in Arc Minerals were trading at 2.90 pence on Tuesday, up 7.4%.
Arc Minerals (ARCM)