Acquisition of further interest in Zaco

RNS Number : 5807E

Arc Minerals Limited

05 July 2019

 

5 July 2019

Arc Minerals Ltd 

Acquisition of further interest in Zaco   

Arc Minerals Limited ("Arc" or the "Company"), is pleased to announce that it has acquired a further 5% interest in Zaco Limited ("Zaco"). Arc now holds a 47.5% interest in Zaco.

Following the discovery of the large West Lunga target (as per the announcement dated 4 July 2019), Arc Minerals has purchased a further 5% interest in Zaco from Rémy Welschinger, a Non-Executive Director of Arc, for a total consideration of 1,414,000 New Ordinary Shares of no par value in the share capital of the Company ("New Ordinary Shares").

Nick von Schirnding, Executive Chairman of Arc stated "Following the exciting news of the West Lunga discovery we are keen to consolidate our interest in Zaco and we are pleased to have increased our interest in Zaco on the same commercial terms as the initial transaction."

Application has been made for the New Ordinary 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 July 2019.

Total Voting Rights

Following the issue of the Shares, the total issued share capital of the Company will consist of 707,351,551 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 707,351,551 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.

**ENDS**

Contacts

Arc Minerals Ltd Nick von Schirnding (Chairman)	[phone]
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Soltan Tagiev	[phone]

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.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Rémy Welschinger
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Arc Minerals Limited
b)	LEI:	213800XHFJVCC9GP2G75
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary shares of no par value    VGG045791016
b)	Nature of the transaction:	Grant of ordinary shares
c)	Price(s) and volume(s):	Price(s) Volume(s) 2.8 pence 1,414,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 2.8 pence 1,414,000
e)	Date of the transaction:	2019-07-04
f)	Place of the transaction:	Outside a trading venue

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:

●   100% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 3-million-ounce inferred Resource Akyanga gold deposit in the DRC.

●   A 66% equity interest in Zamsort Limited ("Zamsort"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort.

●   A 47.5% equity interest in Zaco Limited ("Zaco"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt.

●    100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq   Au PFS stage Ṧturec Gold Project.

For more information visit www.arcminerals.com

 

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