RNS

RNS Number : 5893N
Arc Minerals Limited
10 May 2018
 

10 May 2018

Arc Minerals Limited

("Arc" or the "Company")

Blocklisting Six Monthly Return 

Acquisition of Casa Mining Ltd. 

Following the announcement made on 10 November 2017, Arc is pleased to confirm that the offer for the balance of the issued share capital of Casa Mining Ltd ("Casa") (the "Offer") made to shareholders of Casa closed on 9 May 2018. As a result of the Offer, as of 10 May 2018, Arc will own 99.43% of the outstanding shares of Casa.

Nick von Schirnding, Executive Chairman of Arc Minerals commented:

"I am pleased that the Offer has received significant support from shareholders of Casa. This transaction marks a turning point for Arc Minerals as it gives us exposure to an exciting gold project. Drilling to date has resulted in excellent continuity of the mineralization of the Akyanga gold project as well as achieved some of the highest-grade intersections to date. We continue our exploration effort and are working towards a significant resource update in the next couple of weeks. Equally we expect good news flow from our other projects."

The following information relates to the Casa Share Acquisition:

i)             Name of applicant: Arc Minerals Ltd (previously "Ortac Resources Ltd");

ii)            Name of scheme: Casa Shares Acquisition;

iii)          Period covered by the Block Admission: 10 November 2017 - 10 May 2018;

iv)           Shares not issued under Casa Share Acquisition - 1,011,054

v)            Shares issued under Casa Share Acquisition - 98,988,946;

vi)           Number and class of securities originally listed and the date of admission: 100,000,000 New Ordinary Shares of Arc Minerals Limited

No further shares will be issued under the Block Admission which expired on 10 May 2018.

Following the issue of the New Ordinary Shares, the total issued share capital of the Company consists of  332,790,600  ordinary shares of no par value with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is  332,790,600  and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

**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

 

 

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.

 

About Casa Mining Ltd.

CASA is a private Mauritian registered company that is the 71.25% owner and operator of the Misisi Gold Project located in South Kivu, eastern DRC, approximately 350km south of Bukavu and 180km north of Kalemie.

The CASA licence area consists of three contiguous mining licenses (133km2), issued in March 2015 and valid for 30 years. These licenses encompass a 60km strike length of the Tanganyika graben within the Rusizian belt ("Misisi Corridor"), including the Akyanga deposit along with the Lubitchako, Tulongwe, Kilombwe and Mutshobwe prospects.

The licences have benefited from considerable capital expenditure to date, including regional geophysical surveys completed in 2011, 19,522m of diamond drilling, 2,720m of reverse circulation drilling and excavated 6,274 line metres of trenches.

At CASA's most advanced project, the Akyanga deposit, African Mining Consultants ("AMC") in June 2017 reported a mineral resource, within a US$1,250/oz gold selling price optimised pit shell, which defined a 1.05Moz JORC inferred resource @ 2.27 g/t Au (using a 1.5 g/t Au cut-off) within a lower grade envelope of 1.57Moz @ 1.65 g/t Au.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUKUORWVAVRUR