logo-loader
viewArc Minerals Limited

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

The money raised will be used to fund exploration and development work at Zamsort

1550562682_shutterstock_1027480207.jpg
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.

 

Quick facts: Arc Minerals Limited

Price: 2.87 GBX

AIM:ARCM
Market: AIM
Market Cap: £20.57 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Arc Minerals Limited named herein, including the promotion by the Company of Arc Minerals Limited in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Glencore mine shutdown could prompt a near-term price hike in Cobalt

Mining Capital's Alastair Ford says the closure of Glencore’s Mutanda mine in the DRC comes in response to the collapse in the cobalt price over the last year or so. ''The price went very high in 2017 and then came back down and now it's at the $15/lb level which is where it started its rise...

on 16/8/19

2 min read