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Drill for Equity Programme

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RNS Number : 0605H
Arc Minerals Limited
29 July 2019
 

29 July 2019

Arc Minerals Ltd 

('Arc' or the 'Company')

Drill for Equity Programme

The Company is pleased to announce that its drilling contractor in Zambia has agreed to receive payment for 50% of total drilling costs by way of shares in Arc. Along with the contribution towards costs from Zamsort's minority partner, Kopara Investments Limited, this will significantly reduce to 16% of drilling cost the cash contributions required from Arc to fund the current drilling programme. The drilling contractor has further agreed to certain share trading restrictions to the volume that can be traded, which will be monitored by Arc.

 

This agreement governs the initial 10,000 metres of drilling and will be reviewed at the end of the current programme. The first allotment under this agreement is for 3,849,680 shares at an effective price of 4.78 pence per share (the 'Drilling Shares').

 

Nick von Schirnding, chairman of Arc commented: "This transaction underscores the confidence that our drilling company has in the quality of our prospects - and at the same time strengthens our capital structure. We look forward to an active period of reporting back on our drilling results from our exciting Zambian copper project."

 

Exercise of warrants

 

Arc further announces that it has received notification from a warrant holder to exercise warrants over a total of 1,041,667 New Ordinary Shares of no par value in the share capital of the Company (the 'Warrant Shares') at a price of 2.4 pence per share. Accordingly, the Company has today issued the New Ordinary Shares to the warrant holder for an aggregate cash value of £25,000.

Application has been made in respect of both the Drilling Shares and the Warrant Shares (the 'Shares') to be admitted to trading on the AIM market of the London Stock Exchange ('Admission'). The Shares will rank pari passu in all respects with the existing shares. Admission is expected to occur on or around 2 August 2019.

Total Voting Rights

Following the issue of the Shares, the total issued share capital of the Company will consist of 715,114,042 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 715,114,042 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

For more information visit www.arcminerals.com.

Investor Conference Call

The Company will host a shareholder conference call with Executive Chairman, Nick von Schirnding at 10am BST on Wednesday, 31 July.

The following numbers are available to participate in this conference call:

UK (Local): +44 20 3655 9680

Sweden (Local): +46 85 05 32 900  

Kenya (Local): +254 20 225 0309   

Singapore (Local): +65 3158 2196

USA (Local): +1 (312) 380 0428  

France (Local): +33 1 70 95 91 00   

Other local dial-ins can be provided upon request (email [email protected])

Please enter participant pin number 1053446# when prompted to do so. 

Note that until the Q&A session has begun that all lines will initially be muted with the exception of Company management.

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.

**ENDS**

Contacts

Arc Minerals Ltd

Nick von Schirnding (Chairman)

 

+44 (0) 20 7917 2942

 

SP Angel (Nominated Adviser & Broker)

Ewan Leggat / Soltan Tagiev

 

+44 (0) 20 3470 0470

 

 


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 [email protected] or visit www.rns.com.
 
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Quick facts: Arc Minerals Limited

Price: 2.875

Market: AIM
Market Cap: £21.22 m
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