Aim-listed copper and cobalt explorer and developer Arc Minerals has raised gross proceeds of £1.8-million. The funds will be used for working capital and to fund extra-deep drilling at the company’s projects of Cheyeza and Muswema, both in Zambia.
The funds will also go towards a potential stake increase in Arc Minerals’ subsidiary Zamsort, subject to negotiations. Arc Minerals currently holds a 66% stake in Zamsort.
In addition, the funds will potentially also be used for data acquisition and drilling in Botswana.
As part of the fundraising, 27.69-million new ordinary shares in the capital of Arc have been placed by WH Ireland with new and existing investors at a price of 6.5p apiece.