Last checked at 5 Jun 2018 07:00
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
5 June 2018
Arc Minerals increases Zamsort ownership to 55%
Arc Minerals ("Arc" or the "Company") is pleased to announce a further increase in its ownership of Zamsort Limited ("Zamsort") to 55% following the acquisition of a 6% interest from Terra Metals Limited ("Terra") (the "Acquisition"). Zamsort is developing the highly attractive copper-cobalt project in north-west Zambia. The acquisition of the additional 6% stake in Zamsort is on the same commercial terms as the acquisition of the initial 35% stake announced on 15 May 2018. The Company will issue 17,500,000 new ordinary shares of no par value in Arc Minerals ("Consideration Shares") to complete the Acquisition. These shares are also subject to a hard lock-in period of 12 months.
In addition, Arc holds a convertible loan note in Zamsort which is convertible into an additional 5.34% interest in the share capital of Zamsort.
Application has been made for the 17,500,000 Consideration Shares to be admitted to trading on the AIM market of the London Stock Exchange ('Admission'). Admission is expected to occur on or around 11 June 2018.
Nick von Schirnding, Executive Chairman of Arc Minerals commented:
"This is a critical step forward in consolidating our ownership in Zamsort and to increase Arc's exposure to this large and exciting copper-cobalt asset. Today's announcement is a clear demonstration that we are delivering rapidly on our stated strategy of developing two highly attractive projects of scale in Africa. We are very close to commencing the planned drill programme at Zamsort and look forward to a period of strong newsflow for shareholders - both from Zamsort and Casa."
Total Voting Rights
Following the issue of the Consideration Shares, the total issued share capital of the Company consists of 556,540,600 Ordinary Shares of no par value with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 556,540,600 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
Contacts
Arc Minerals Ltd Nick von Schirnding (Chairman)
| +44 (0) 20 3874 8664 |
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Lindsay Mair / Soltan Tagiev | +44 (0) 20 3470 0470
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Notes to the Editors
Arc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
ARC Minerals current holdings include:
· 99% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 1.5-million-ounce inferred Resource Akyanga gold deposit in the DRC.
· A 55% interest in Zamsort Limited, a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, with approximately a five percent balance and interest (convertible note) being rolled forward to the end of 2018;
· 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage Ṧturec Gold Project;
· A 18.48% interest in Andiamo Exploration Limited, a private company exploring for gold and base metals VMS targets in Eritrea.
For more information visit www.arcminerals.com