AIM-listed Zambian exploration company Arc Minerals has raised £2 million before expenses to strengthen its balance sheet ahead of an exciting year.
Arc Minerals’ current holdings in Zambia include:
● A 66% equity interest in Zamsort – a private company focused on a prospective copper licence in the Zambia Copperbelt; and
● A 72.5% equity interest in Zaco – a private company focussed on a prospective copper and cobalt license adjacent to Zamsort.
In total these licence areas cover 872 km² and include the advanced Kalaba copper-cobalt project.
The placing and subscription with Hargreave Hale is for 57.1 million ordinary shares at 3.5 pence per share and was led by WH Ireland who have also been appointed as joint broker with immediate effect.
Application will be made for the shares to be admitted to trading on the AIM market of the London Stock Exchange on or around 18 January 2021.
Arc Minerals executive chairman Nick von Schirnding welcomes Hargreave Hale as the company’s first major UK institutional investor, and notes that Hargreave Hale will have an interest in approximately 5.5% of the issued ordinary shares on admission.