Jangada Mines PLC Final CAD$1m received from ValOre (4092C)
February 10 2020 - 1:00AM
UK Regulatory
TIDMJAN
RNS Number : 4092C
Jangada Mines PLC
10 February 2020
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
10 February 2020
Jangada Mines plc ('Jangada' or the 'Company')
Final CAD$1m received from ValOre
Jangada Mines plc, a natural resources company, is pleased to
announce that it has received the final CAD$1,000,000 payment due
from PBBM Holdings Ltd., a wholly owned subsidiary of TSX-V listed
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, as
announced on 17 July 2019, Jangada sold its interests in Pedra
Branca to ValOre for an aggregate consideration of the issue of
25,000,000 ValOre common shares and cash payments totaling
CAD$3,000,000, payable in several tranches. ValOre has now paid the
third Post-Closing Payment of CAD$1,000,000 to Jangada, marking the
final cash payment due. 500,000 Post-Closing Consideration Shares
have also been issued to Jangada.
Following issuance of the Post-Closing Consideration Shares,
Jangada holds a total of 22,500,000 ValOre common shares,
representing 24.9% per cent of ValOre's share capital. The
remaining 2,500,000 ValOre common shares due to Jangada are payable
in six-monthly instalments of 500,000 shares each.
Funds received to date from the sale of Pedra Branca are being
used to advance the Pitombeiras Vanadium Project in Ceara State,
Brazil ("Pitombeiras"), which has a JORC (2012) Exploration Target
of between 40 Mt to 60 Mt tonnes at 0.3% to 0.6% V(2) O(5) , 40% to
55% Fe(2) O(3) and 8% to 10% TiO(2) . In January, the Company
commenced a 2,500-metre drilling programme at Pitombeiras to test
three prospective magnetic anomalies. The drilling campaign is
expected to provide the necessary technical information to support
the compilation of a JORC compliant Mineral Resource estimate and a
Preliminary Economic Assessment.
Defined terms are set out in the Share Purchase Agreement
referred to in the announcement of 17 July 2019 unless stated
otherwise.
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 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 Charlotte Page Tel: +44 (0)20 7236
Ltd Beth Melluish 1177
(Financial PR)
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 rns@lseg.com or visit www.rns.com.
END
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