4th Nov 2021 19:26
Arc Minerals Ltd - copper and cobalt explorer in Zambia - Says it is progressing to completion in relation to the acquisition of 75% of the issued capital in Alvis-Crest Ltd from Kopore Metals Ltd. Arc has agreed to pay Kopore GBP1.2 million, to be satisfied through the issue of 35.5 million shares. Arc has the option to acquire remaining 25% of Alvis for USD5 million, exercisable until Arc makes a final investment decision, which would be upon the completion of a bankable feasibility study in respect of the licences. Alvis is the holder of two prospecting licences in Botswana's Kalahari Copper Belt.
Chair Nick von Schirnding says: "The acquisition of Alvis expands Arc's portfolio with a very interesting asset in an emerging copper district. There is a global rush for attractive copper projects and the Kalahari Copper Belt is becoming a very attractive location for global mining groups."
Current stock price: 3.0 pence
Year-to-date change: down 21%
By Arvind Bhunjun; [email protected]
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