18th Jun 2018 09:56
LONDON (Alliance News) - Arc Minerals Ltd said on Monday it has increased its holding in Zamsort Ltd, which holds a copper-cobalt project in Zambia to 61% through the acquisition of an additional 6% from two other shareholders in Zamsort.
To fund the acquisition, Arc Minerals will issue 12.0 million Arc Minerals shares to the Zamsort shareholders, along with a warrant over 2.5 million shares with an exercise price of 6 pence per share.
Shares in the mine development company were up 1.4% at 4.26p on Monday.
"We are continuing to follow through on our promise to rapidly deliver value for shareholders at the Zamsort copper-cobalt project both at a corporate level and on the ground. The acquisition of this additional stake in Zamsort takes Arc's total ownership in Zamsort to 61% and it is pleasing to see the rapid mobilisation of drilling rigs on site," said Executive Chairman Nick von Schirnding.
A comprehensive drilling programme at Zamsort is due to begin imminently and we are extremely excited at the prospect of unlocking the significant value which we believe to be inherent within this highly sought after Zambian copper-cobalt asset," Schirnding added.
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