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Arc Minerals raises £2mln at a premium to fund further exploration at Kalaba

“We were approached by a European Family Office and a South Africa-based institution to provide further funding for our exciting Zambia exploration programme,” said executive chairman Nick von Schirnding

copper wire
Recent drill results have underlined the potential of Kalaba

Arc Minerals Limited (LON:ARCM) has raised £2mln (US$2.6mln) at a premium to fund exploration and development work at its Kalaba copper-cobalt project in Zambia.

The company, formerly known as Ortac, issued 44.5mln new shares at 4.5p apiece, with each share also coming with a warrant which can be exercised at any point over the next three years for 6.5p.

The 4.5p price is 12.5% higher than Friday’s closing price of 4p.

READ: Arc intersects extensive copper-cobalt mineralisation at Kalaba

“We were approached by a European Family Office and a South Africa-based institution to provide further funding for our exciting Zambia exploration programme,” said executive chairman Nick von Schirnding.

“Raising funds at a premium to the share price underscores the quality of our Zamsort copper and cobalt asset and I am also pleased that the majority of the board and management participated in the raise.”

In recent drilling at Kalaba, Arc intersected extensive copper and cobalt mineralisation, including 20 metres at 1.31% copper equivalent, 25m at 1.24% copper equivalent, and 26 metres at 1.10% copper equivalent.

von Schirnding said results from a further 19 holes will be announced shortly.

Quick facts: Arc Minerals Limited

Price: 4.19 GBX

AIM:ARCM
Market: AIM
Market Cap: £40.51 m
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