Second tranche of shares received from ValOre

RNS Number : 2400W

Jangada Mines PLC

14 August 2020

 

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

14 August 2020

 Jangada Mines plc ('Jangada' or the 'Company')

Second tranche of post-completion consideration shares received from ValOre

Jangada Mines plc, a natural resources company, is pleased to announce that it has been issued the second tranche of 500,000 common shares in TSX-V listed ValOre Metals Corp. ('ValOre'), in relation to the disposal of the Company's previously owned PGM project held by Pedra Branca Brasil Mineracao Ltda ('Pedra Branca'), which completed on 15 August 2019.

Under the terms of the binding share purchase agreement, as announced on 17 July 2019, Jangada sold its interests in Pedra Branca to ValOre for an aggregate consideration of up to 25,000,000 ValOre common shares and cash payments totaling CAD$3,000,000, payable in several tranches.  All cash payments due to Jangada have been received and following issuance of the second tranche of post-completion consideration shares, Jangada holds a total of 16,000,000 ValOre common shares, representing 17.68 per cent of ValOre's share capital.  The remaining 2,000,000 ValOre common shares due to Jangada are payable in six-monthly instalments of 500,000 shares each over the next two years.

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 Jack Botros	Tel: [phone]
Brandon Hill Capital (Broker)	Jonathan Evans Oliver Stansfield	Tel: [phone]
St Brides Partners Ltd (Financial PR)	Charlotte Page Beth Melluish	Tel: [phone]

 

END

 

 

MSCKKQBNPBKDOFD