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Jangada Mines PLC - Second tranche of shares received from ValOre

RNS Number : 2400W
Jangada Mines PLC
14 August 2020
 

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

 

14 August 2020

 Jangada Mines plc ('Jangada' or the 'Company')

Second tranche of post-completion consideration shares received from ValOre

 

Jangada Mines plc, a natural resources company, is pleased to announce that it has been issued the second tranche of 500,000 common shares in TSX-V listed ValOre Metals Corp. ('ValOre'), in relation to the disposal of the Company's previously owned PGM project held by Pedra Branca Brasil Mineracao Ltda ('Pedra Branca'), which completed on 15 August 2019.

 

Under the terms of the binding share purchase agreement, as announced on 17 July 2019, Jangada sold its interests in Pedra Branca to ValOre for an aggregate consideration of up to 25,000,000 ValOre common shares and cash payments totaling CAD$3,000,000, payable in several tranches.  All cash payments due to Jangada have been received and following issuance of the second tranche of post-completion consideration shares, Jangada holds a total of 16,000,000 ValOre common shares, representing 17.68 per cent of ValOre's share capital.  The remaining 2,000,000 ValOre common shares due to Jangada are payable in six-monthly instalments of 500,000 shares each over the next two years.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

ENDS

 

For further information please visit www.jangadamines.com or contact:

 

Jangada Mines plc

Brian McMaster (Chairman)

Tel: +44 (0) 20 7317 6629




Strand Hanson Limited

(Nominated & Financial Adviser)

James Spinney

Ritchie Balmer

Jack Botros

Tel: +44 (0)20 7409 3494




Brandon Hill Capital

(Broker)

Jonathan Evans

Oliver Stansfield

Tel: +44 (0)20 3463 5000




St Brides Partners Ltd

(Financial PR)

Charlotte Page

Beth Melluish

 

Tel: +44 (0)20 7236 1177

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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