Sale of 9.3 million ValOre Shares

RNS Number : 9846C

Jangada Mines PLC

24 June 2021

 

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

24 June 2021

Jangada Mines plc

Sale of 9.3 million ValOre Shares

Jangada Mines plc, a natural resources company, announces that it has sold additional 9.3 million of its common shares in ValOre Metals ('ValOre') at a price of CAD$0.30 per share, providing Jangada with gross proceeds of CAD$2,790,000.

The proceeds will be used for ongoing exploration work and working capital purposes at the Company's 100%-owned Pitombeiras Vanadium Project ('Pitombeiras' or the 'Project'), Ceará State, Brazil.  Following the sale, Jangada now holds a total of 1,005,000 ValOre common shares, representing 0.8 per cent of ValOre's share capital, and pursuant to the Company's 15 February 2021 announcement, is due to receive the remaining 1,500,000 ValOre common shares payable to Jangada in six-monthly instalments of 500,000 ValOre common shares each, with the next installment due during or around August 2021.

As a result of Jangada's reduced ownership in ValOre, Mr. Brian McMaster and Mr. Luis Azevedo have stepped down from ValOre's Board of Directors, effective June 1, 2021. Mr. Azevedo will continue to assist ValOre as a Strategic Advisor.

Brian McMaster, Executive Chairman of Jangada, said: "Jangada is entering a truly exciting time with its Pitombeiras Project and given the Company's expectations for the development schedule over the coming weeks and months, the Board concluded that the most appropriate strategy is to reinforce its treasury position from its existing balance sheet and to remain focused and committed to one project going forward.  We look forward to sharing our news with shareholders".   

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

**ENDS**

For further information please visit www.jangadamines.com or contact:

Jangada Mines plc	Brian McMaster (Chairman)	Tel: [phone]
Strand Hanson Limited (Nominated & Financial Adviser)	James Spinney Ritchie Balmer Georgia Langoulant	Tel: [phone]
Brandon Hill Capital (Broker)	Jonathan Evans Oliver Stansfield	Tel: [phone]
St Brides Partners Ltd (Financial PR)	Isabel de Salis Charlie Hollinshead	Tel: [phone]

 

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