https://www.miningweekly.com

Arc Minerals raises £2m for exploration, development at Zambia project

1st October 2018

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Aim-listed Arc Minerals will raise about £2-million to help fund exploration and development work on the company’s Kalaba copper/cobalt project, in Zambia, and for general working capital purposes.

On Monday, the company placed more than 44-million units at 4.5p a unit, with each unit comprising one ordinary share of no-par value in the company and one share purchase warrant.

Each warrant, the company said on Monday, will entitle the holder for a period of 36 months to buy one new ordinary share at 6.5p a share.

The placing price represents a premium of 12.5% over the closing mid-price of the company’s ordinary shares on the previous day of 4p.

Arc Minerals executive chairperson Nick von Schirnding on Monday welcomed a European family office and a South Africa-based institution, that would both provide further funding for the company’s Zambian exploration programme, as shareholders.

“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,” he commented.

Further drill results will be announced soon.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION