Arc Minerals has announced a further increase in its ownership of Zamsort to 55% following the acquisition of a 6% interest from Terra Metals Limited (Terra).
Image: Macro of native copper about 1 ½ inches (4 cm) in size. Photo courtesy of Jonathan Zander (Digon3) and Materialscientist (talk)/Wikipedia
Zamsort is developing the highly attractive copper-cobalt project in north-west Zambia. The acquisition of the additional 6% stake in Zamsort is on the same commercial terms as the acquisition of the initial 35% stake announced on 15 May 2018. The Company will issue 17,500,000 new ordinary shares of no par value in Arc Minerals (Consideration Shares) to complete the Acquisition. These shares are also subject to a hard lock-in period of 12 months.
In addition, Arc holds a convertible loan note in Zamsort which is convertible into an additional 5.34% interest in the share capital of Zamsort.
Application has been made for the 17,500,000 Consideration 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 June 2018.
Arc Minerals executive chairman Nick von Schirnding commented: “This is a critical step forward in consolidating our ownership in Zamsort and to increase Arc’s exposure to this large and exciting copper-cobalt asset.
“Today’s announcement is a clear demonstration that we are delivering rapidly on our stated strategy of developing two highly attractive projects of scale in Africa. We are very close to commencing the planned drill programme at Zamsort and look forward to a period of strong newsflow for shareholders – both from Zamsort and Casa.”
Source: Company Press Release