RNS29 Jul 2019 13:13
29 July 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Drill for Equity Programme
The Company is pleased to announce that its drilling contractor in Zambia has agreed to receive payment for 50% of total drilling costs by way of shares in Arc. Along with the contribution towards costs from Zamsort's minority partner, Kopara Investments Limited, this will significantly reduce to 16% of drilling cost the cash contributions required from Arc to fund the current drilling programme. The drilling contractor has further agreed to certain share trading restrictions to the volume that can be traded, which will be monitored by Arc.
FANTASTIC RESULT!
This agreement governs the initial 10,000 metres of drilling and will be reviewed at the end of the current programme. The first allotment under this agreement is for 3,849,680 shares at an effective price of 4.78 pence per share (the 'Drilling Shares').
DRILLER MUST SEE SIGNIFICANT UPSIDE
Nick von Schirnding, chairman of Arc commented: "This transaction underscores the confidence that our drilling company has in the quality of our prospects - and at the same time strengthens our capital structure. We look forward to an active period of reporting back on our drilling results from our exciting Zambian copper project."
AGAIN THIS LOOKS TO ME LIKE ALL PARTIES THINK THEY HAVE SOMETHING BIG
Exercise of warrants
Arc further announces that it has received notification from a warrant holder to exercise warrants over a total of 1,041,667 New Ordinary Shares of no par value in the share capital of the Company (the 'Warrant Shares') at a price of 2.4 pence per share. Accordingly, the Company has today issued the New Ordinary Shares to the warrant holder for an aggregate cash value of £25,000.
I SAID THIS WAS HAPPENING AGAIN BULLISH REASONS FOR THIS IMO
Application has been made in respect of both the Drilling Shares and the Warrant Shares (the 'Shares') to be admitted to trading on the AIM market of the London Stock Exchange ('Admission'). The Shares will rank pari passu in all respects with the existing shares. Admission is expected to occur on or around 2 August 2019.
Total Voting Rights
Following the issue of the Shares, the total issued share capital of the Company will consist of 715,114,042 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 715,114,042 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
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