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Pin to quick picksArc Minerals Regulatory News (ARCM)

Share Price Information for Arc Minerals (ARCM)

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Final Completion of Anglo JV

10 Nov 2023 15:13

RNS Number : 1360T
Arc Minerals Limited
10 November 2023
 

10 November 2023

 

Arc Minerals Ltd

 

("Arc Minerals", "Arc" or the "Company")

 

Final Completion of Anglo JV

 

Arc Minerals is pleased to announce the unconditional completion of its Joint Venture Agreement with a subsidiary of Anglo American plc (the "JVA") following satisfaction of the remaining conditions precedent as previously announced on 27 October 2023, including the cash payment of $3.5million due to Unico Minerals Ltd, a 67%-owned subsidiary of Arc.

 

Arc Minerals also announces that Ian Lynch has been appointed as non-board Chief Financial Officer and that Rémy Welschinger is stepping down as Finance Director with immediate effect in order to focus on his other ventures. Rémy will remain on the board of directors of the Company as a non-executive director.

 

Nick von Schirnding, Executive Chairman of Arc said: "I am delighted to announce that the Anglo American JV has now gone unconditional - a great milestone for our shareholders. 

 

I welcome Ian as our CFO - he has been actively involved over the past few years with our finance team and brings extensive finance, legal and compliance experience. On behalf of the board I would also like to thank Rémy for his hard work over the past four years as our Finance Director both in financing the Company's projects and helping negotiate the Anglo American transaction."

 

Arc Minerals announces that it has issued 5,593,099 new ordinary shares of no par value in the share capital of the Company ("Ordinary Shares") as consideration to certain creditors (the "Shares").

 

Application will be made to the London Stock Exchange plc for the 5,593,099 Shares to be admitted to trading on AIM ("Admission") with Admission expected to occur on or around 16 November 2023. The New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares including the right to receive any dividend or other distribution thereafter declared, made or paid. There are no Ordinary Shares held in treasury. Following Admission of the 5,593,099 New Ordinary Shares, the total number of voting rights in the Company will be 1,232,318,465.

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. 

 

Arc Minerals is solely and entirely responsible for the contents hereof. Neither Anglo American nor any other person, accepts responsibility for the adequacy or accuracy of this news release.

 

**ENDS**

Contacts

Arc Minerals Ltd

Nick von Schirnding (Executive Chairman)

 

+44 (0) 20 7917 2942

 

SP Angel (Nominated Adviser & Joint Broker)

Ewan Leggat / Adam Cowl

 

+44 (0) 20 3470 0470

 

WH Ireland Limited (Joint Broker)

Harry Ansell / Katy Mitchell

 

+44 (0) 20 7220 1666

 

Cautionary Note Regarding Forward-Looking Information

 

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are not limited to, statements regarding future drilling and work programs at the Project. Often, but not always, forward-looking statements or information can be identified by the use of phrases or statements that certain actions, events or results "will" occur or be achieved.

 

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

 

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
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Date   Source Headline
3rd Jun 20207:00 amRNSHolding(s) in Company
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17th Feb 20201:58 pmRNSSale of Sturec Update
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3rd Feb 202012:23 pmRNSNew Discovery Identified at Muswema
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31st Dec 201910:27 amRNSHalf-year Report
31st Dec 20197:00 amRNSConvertible Loan Facility Agreement
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4th Dec 20194:56 pmRNSGrant of Warrants
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22nd Nov 20195:30 pmRNSGrant of options
22nd Nov 201910:14 amRNSNotice of Annual General Meeting
19th Nov 20197:00 amRNSOption to sell Sturec
13th Nov 201911:26 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
13th Nov 201910:17 amRNSSale of Casa - Replacement, correction of date
13th Nov 20197:00 amRNSSale of Casa Mining
5th Nov 20197:00 amRNSFurther significant shallow Copper intersections
4th Nov 20194:39 pmRNSIssue of Shares
1st Nov 20197:00 amRNSArc announces appointment of new Finance Director
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17th Sep 20197:00 amRNSNew Targets Confirm Extensive Mineralised System
12th Sep 20197:00 amRNSFurther drill results up to 2.79% Cu at Cheyeza
21st Aug 201912:37 pmRNSDrill for Equity Programme
20th Aug 201911:05 amRNSSecond Price Monitoring Extn
20th Aug 201911:00 amRNSPrice Monitoring Extension
20th Aug 201910:28 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
20th Aug 20197:00 amRNSMineralised Zone Extends to 300m Wide, 650m Long
7th Aug 20197:00 amRNSDirectors' Dealing
29th Jul 201911:59 amRNSDrill for Equity Programme
24th Jul 20197:00 amRNSResults from Cheyeza East inc. 7.60m at 4.15% Cu

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