Arc Minerals Limited Sale of Non-Core Asset (6369S)
June 26 2018 - 7:29AM
UK Regulatory
TIDMARCM
RNS Number : 6369S
Arc Minerals Limited
26 June 2018
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining
& Exploration
26 June 2018
Sale of Non-Core Asset for a Consideration of US$532,000
Arc Minerals ("Arc" or "the Company") is pleased to announce
that it has signed a sale and purchase agreement in respect of the
sale of its 18.48% shareholding in Andiamo Exploration Limited
("Andiamo") for US$532,000 in cash to AMED Funds ("AMED"), an
African focused mining private equity group. The agreement is
subject to final due diligence being carried out by AMED.
Nick von Schirnding, Executive Chairman of Arc commented:
"The sale of Andiamo represents a major step forward in
delivering on our stated strategy of selling non-core assets. The
sale monetises Arc's interest in Andiamo and the proceeds of the
sale will be deployed at our Zamsort copper-cobalt asset
exploration programme where drilling will commence shortly."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
Contacts
Arc Minerals Ltd +44 (0) 20 3874
Nick von Schirnding (Chairman) 8664
SP Angel (Nominated Adviser & Broker) +44 (0) 20 3470
Ewan Leggat / Lindsay Mair / Soltan Tagiev 0470
Notes to the Editors
Arc Minerals is an AIM listed exploration and mine development
company focused on a diversified portfolio of mining projects with
interests in Slovakia, Eritrea, the Democratic Republic of the
Congo and Zambia.
ARC Minerals current holdings include:
-- 99% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 1.5-million-ounce inferred resource at the Akyanga gold deposit in the DRC.
-- A 61% equity interest in Zamsort Limited ("Zamsort"), a
private company focused on a prospective copper and cobalt licence
in the Zambia Copperbelt, together with a convertible loan to
Zamsort which converts into approximately a five percent additional
equity interest in Zamsort, with interest on the convertible note
being rolled forward to the end of 2018;
-- 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq pre-feasibility stage turec Gold Project;
For more information visit www.arcminerals.com
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END
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