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 Nick von Schirnding (Chairman) |
+44 (0) 20 3874 8664 |
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Lindsay Mair / Soltan Tagiev |
+44 (0) 20 3470 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 Ṧturec Gold Project;
For more information visit www.arcminerals.com
