Arc Minerals Limited - Placing, Subscription and Loan Conversion
('Arc' or '
Placing, Subscription and Loan Conversion
The company will utilise the proceeds from the Placing to fund the drilling programme across the Zamsort and Zaco licences targeting exploration works over the anomalies that have been identified and for further technical studies on the Cheyeza East prospect, as well as for general working capital purposes.
The Company also announces that the Convertible Loan Note ("CLN") Lenders (as announced on
As part of the Placing and CLN Conversion, every two Ordinary Shares will have one attaching warrant with an exercise period of 2 years from the date of Admission and will be exercisable at a price of
In consideration for services rendered in connection with the Placing and for conversion of the CLN, the Company has also agreed to grant at the date of Admission warrants over a total of 6,638,793 Ordinary Shares to Shard ("Broker Warrants") and certain CLN Lenders ("CLN Warrants"). The 873,906 Broker Warrants will have an exercise period of 2 years from the date of grant and are exercisable at a price of
The Company further announces that, under the Drill for Equity Programme as first announced on
Application will be made for the Placing Shares, the Conversion Shares, and the Drilling Shares to be admitted to trading on the AIM market of the
"I am pleased that we have been able to recapitalise Arc, putting us in a strong financial position going forward. We are now focussed on commencing our very exciting copper drilling campaign in
Total voting rights
Following the issue of the New Ordinary Shares, the total issued share capital of the Company consists of 966,890,274 Ordinary Shares of no par value with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 966,890,274 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the
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SP Angel (Nominated Adviser & Broker)
+44 (0) 20 3470 0470
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.
Notes to the Editors
Current holdings in
● A 66% equity interest in
● A 52.5% equity interest in
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
This information is provided by RNS, the news service of the
Quick facts: Arc Minerals Limited
Market Cap: £22.24 m
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