Jangada Mines PLC Further CAD$1m Received From ValOre (3463T)
November 14 2019 - 1:00AM
UK Regulatory
TIDMJAN
RNS Number : 3463T
Jangada Mines PLC
14 November 2019
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
14 November 2019
Jangada Mines plc ('Jangada' or the 'Company')
Further CAD$1m Received From ValOre
Jangada Mines plc, a natural resources company, is pleased to
announce that it has received a further CAD$1m in cash from PBBM
Holdings Ltd., a wholly owned subsidiary of TSX-V listed company
ValOre Metals Corp. ('ValOre'), in relation to the disposal of the
Company's previously owned project, Pedra Branca Brasil Mineracao
Ltda ('Pedra Branca'), which was announced on 15 August 2019.
Under the terms of the binding share purchase agreement, Jangada
sold Pedra Branca to ValOre for a total consideration of 25,000,000
ValOre common shares and cash payments totalling CAD$3m, which are
payable in several tranches. ValOre has now paid the second cash
tranche of CAD$1m to Jangada, meaning a total of CAD$2m in cash and
22,000,000 ValOre common shares have been received by Jangada. A
final cash payment of CAD$1m is payable in three months from now,
as well as up to 3,000,000 ValOre common shares, payable in
six-monthly instalments of 500,000 shares each over the next three
years. The first instalment of 500,000 shares is due in
approximately three months from now.
Jangada currently has a circa 25 per cent interest in ValOre,
which is advancing, alongside its other projects, the development
of Pedra Branca; it recently published a Q4 Update Presentation on
its website, which highlights the value drivers and near term
expansion potential of Pedra Branca: https://bit.ly/34iapwE.
Jangada is using the cash received to date from the sale of
Pedra Branca to develop the Pitombeiras Vanadium Project in Ceara
State, Brazil ("the Project"), which has a JORC (2012) Exploration
Target of between 40 Mt to 60 Mt tonnes at 0.3% to 0.6% V2O5, 40%
to 55% Fe2O3 and 8% to 10% TiO2. On 4 November 2019, the Company
provided an update on its exploration programme at the Project
following the highly encouraging results obtained so far, which
highlighted the significant potential of this vanadium, titanium,
iron project. At the end of the planned exploration schedule and
along with the conclusions of the logistics study, the Company will
have substantial information to prepare a robust preliminary
economic assessment in Q1 2020.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
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 James Spinney Tel: +44 (0)20 7409
(Nominated & Financial Ritchie Balmer 3494
Adviser) Jack Botros
Brandon Hill Capital Jonathan Evans Tel: +44 (0)20 3463
(Broker) Oliver Stansfield 5000
St Brides Partners Isabel de Salis Tel: +44 (0)20 7236
Ltd David Penson 1177
(Financial PR)
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END
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