Proactive Investors - Run By Investors For Investors

Arc Minerals raises £2.2mln in non-brokered private placement

The money raised will be used to fund exploration and development work at Zamsort
Arc Minerals raises £2.2mln in non-brokered private placement
Two family offices have provided the bulk of the funds

Arc Minerals LTD (LON:ARCM) has raised £2.2mln through a placing of 73.6mln units at 3p each, with each unit consisting of one share and one warrant.

No brokers were involved, so no fees were payable.

WATCH: Arc Minerals Ltd identifies significant new targets at Zamsort

The money raised will be used to fund the continuing exploration and development work on the Zamsort copper project in Zambia and for general working capital purposes.

"We were approached by two family offices, one of which is already a shareholder, for further funding to progress our newly identified targets at Zamsort,” explained Arc’s executive chairman Nick von Schirnding.

“This is a very good outcome for us and as a result, we will be accelerating work in respect of Cheyeza West and other key targets and will start a comprehensive drilling programme as soon as possible.”

Von Schirnding also participated in the placing, as did fellow directors Don Bailey, Mumena Mushinge, Brian McMaster, Vassilios Carellas, and John Forrest.

 

View full ARCM profile View Profile

Arc Minerals Limited Timeline

Related Articles

Vast Resources
June 19 2019
Vast expects to begin mining at Heritage concession before the end of the year
1542997473_serbian-landscape.jpg
November 24 2018
Freeport can earn into the two licences, which are within the southern portion of the Timok Magmatic complex
Results from Zermatt, Cortina and ML 13 will be analysed to plan a new drill campaign
April 26 2019
It has assets in WA’s Yamarna-Mt Venn region near future Gold Fields' mine Gruyere.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use