Arc Minerals Limited Sale of Sturec Update (3417C)
07 Febbraio 2020 - 12:19PM
UK Regulatory
TIDMARCM
RNS Number : 3417C
Arc Minerals Limited
07 February 2020
7 February 2020
Arc Minerals Ltd
('Arc' or the 'Company')
Sale of Sturec Update
Arc Minerals ("Arc" or the "Company") is pleased to announce
that following announcements made on 19 November 2019 and 30
December 2019, the Company has today entered into a binding Sale
and Purchase Agreement ("SPA") with MetalsTech Limited ("MTC") in
respect of the sale of its wholly-owned subsidiary, Ortac Resources
(UK) Limited, which holds Arc's interest in the turec gold project
(" turec" or the "Project") in Slovakia, an Australian listed
mineral exploration company for a gross consideration of up to
US$8m (the "Disposal"). Completion of the Disposal shall take place
by no later than 14 February 2020 ("Completion Date").
First Payment and Second Payment
As was announced on 30 December 2020, Arc will receive two
phased cash payments namely A$450,000 (less the A$30,000 option
fee) on the Completion Date (the "First Payment"), followed by a
second payment of A$300,000 (the "Second Payment") within six
months of the Completion Date, bringing the total cash proceeds
payable to Arc of A$750,000 (c. US$500,000).
The Resource Upgrade Royalty
If, at any time in the period between 19 November 2021 and 19
November 2024, the turec JORC Indicated and Measured Resource
exceeds 1.5 million ounces gold at a grade greater than 2.5g/t
(inclusive of recoverable Ag equivalent), MTC will pay Arc a
further A$2 royalty per additional ounce of gold . This royalty is
capped at 7 million ounces of gold.
Any consideration due under the Resource Upgrade Royalty may be
satisfied in either cash or by the issuance of ordinary shares in
the capital of MTC.
Substantial transaction
turec is a large prospective gold exploration license. The
Project is located in central Slovakia approximately 1.5km north
east of the town of Kremnica and 17km west of central Slovakia's
largest city, Banská Bystrica. The Project has a JORC (2004)
compliant mineral Resource of 1.36 million ounces of gold
equivalent. A Pre-Feasibility Study ("PFS") of the mining aspects
of the turec Project was completed by SRK Consultants ("SRK"), a
leading international engineering firm in April 2013. The sale of
the Project constitutes a substantial transaction under AIM Rule
12. As at 31 March 2019, the reported net book value of Ortac s.r.o
and other subsidiaries in Slovakia, which own the Project was GBP6m
and incurred a loss of GBP25,000 for the year ended 31 March 2019
(from discontinued activities). The net proceeds of the disposal
will be applied to exploration and development activities in Zambia
and for general working capital purposes.
Nick von Schirnding, executive chairman of Arc stated: "This
represents a major step forward for Arc as we focus the portfolio
around our core Zambian copper assets where we have one of the most
exciting undeveloped copper projects. I am very pleased with the
commitment shown by MTC to take turec to the next stage of
development and wish them well."
**ENDS**
Contacts
Arc Minerals Ltd +44 (0) 20 7917
Nick von Schirnding (Chairman) 2942
SP Angel (Nominated Adviser
& Broker) +44 (0) 20 3470
Ewan Leggat / Soltan Tagiev 0470
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.
Forward-looking Statements
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
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 the Democratic Republic of the Congo and Zambia.
ARC Minerals current holdings include:
-- 100% interest in CASA Mining Limited, a private company that
has a 71.25% interest in the 3-million-ounce inferred Resource
Akyanga gold deposit in the DRC.
-- A 66% equity interest in Zamsort Limited ("Zamsort"), a
private company focused on a prospective copper t licence in the
Zambia Copperbelt, together with a convertible loan to Zamsort
which converts into approximately a five percent additional equity
interest in Zamsort.
-- A 52.5% equity interest in Zaco Limited ("Zaco"), a private
company focussed on a prospective copper and cobalt license
adjacent to Zamsort.
For more information visit www.arcminerals.com
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
DISUBURRRVUURAR
(END) Dow Jones Newswires
February 07, 2020 06:19 ET (11:19 GMT)
Grafico Azioni Arc Minerals (LSE:ARCM)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Arc Minerals (LSE:ARCM)
Storico
Da Apr 2023 a Apr 2024