Arc Minerals Ltd (LON:ARCM) has acquired a further 20% interest in Zaco Investments Ltd, increasing Arc's interest to 72.5% from 52.5%.
The additional interest has been acquired from Mumena Mushinge, a non-executive director of Arc and founder of the Zamsort project in Zambia, via an all-equity deal for 10 million new ordinary shares of no par value in the company. Mumena's stake in the Arc will increase to 6.87% of the company.
The remaining interest in Zaco will be held by Kopara Investments, Arc's partner at the Zamsort project.
The Zaco exploration licence covers 465 square kilometres of highly prospective area immediately adjacent to the Zamsort exploration license and holds a number of significant exploration targets including the Fwiji, West Lunga, Nyambwezu, Muswema South as well as the Chihindi targets.
"In line with our stated strategy, we are pleased to further consolidate our interest in Zaco and we regard this significantly increased interest as an important strategic step for Arc Minerals,” Nick von Schirnding, the executive chairman of Arc Minerals said in a statement.
“We are now fully funded for our exploration programme for both the Zamsort and Zaco licenses and we are excited to start drilling the various targets. At Zaco, we will initially focus our drilling programme at the Fwiji target," he added.