Last checked at 18 Oct 2019 17:07
18 October 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Drill for Equity Programme
Under the Drill for Equity Programme as first announced on 29 July 2019, the Company has today issued 6,540,900 shares at a price of approximately 3 pence per share ('Drilling Shares') representing consideration of GBP 194,518 in part-settlement of the Company's share of drilling costs incurred in the two months July and August 2019, with the balance of GBP 31,123 payable in cash. These Drilling Shares are subject to certain trading restrictions to the volume that can be traded, which Arc will continue to monitor. The Drill for Equity Programme will be reviewed at the end of the drilling season towards the end of this year.
Application has been made for the Drilling 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 24 October 2019.
Total Voting Rights
Following the issue of the Shares, the total issued share capital of the Company will consist of 723,218,670 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 723,218,670 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.
For more information visit www.arcminerals.com.
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 7917 2942
|
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Soltan Tagiev
| +44 (0) 20 3470 0470
|