REG - Arc Minerals Limited - Casa Mining Transaction Update

ARC MineralsAnnouncement

14/02/2022 15:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220214:nRSN6296Ba&default-theme=true

RNS Number : 6296B  Arc Minerals Limited  14 February 2022

14 February 2022

Arc Minerals Ltd

('Arc' or the 'Company')

Casa Mining Transaction Update

 

Arc is pleased to announce an update on the progress of the acquisition of a
73.5% interest in the Misisi gold project ("Misisi") by Rackla Metals Inc.
("Rackla") from Golden Square Equity Partners Limited ("Golden Square").

 

Subject to certain conditions, Arc sold its interest in Casa Mining Limited
("Casa"), through which it held its interest in Misisi, to Golden Square.

 

Rackla has today announced that it continues to work on satisfying the
conditions precedent to its proposed acquisition of a 73.5% interest in
Misisi, located in the Democratic Republic of the Congo.

 

Rackla has filed on SEDAR an amended independent technical report prepared in
accordance with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects, supporting the mineral resource estimate for the project
previously reported in Rackla's news release dated 5 May 2021. The amended
report replaces the previous technical report for the project filed on 12
October 2021.

 

The parties to the acquisition agreements have agreed to extend the deadline
for completing the acquisition to 15 March 2022. The TSX Venture Exchange
("TSXV") has conditionally approved the acquisition. The closing is subject to
Rackla completing a financing to raise a minimum of CAD 5 million and other
customary conditions, including TSXV final approval. Rackla is in the process
of satisfying the requirements to obtain such approval. Trading in Rackla's
common shares continues to be halted and is expected to remain halted until
the completion of the transaction.

 

Shareholders of Arc should note that, until the conditions to closing are
satisfied, there is no certainty that the transaction between the Company and
Golden Square or between Golden Square and Rackla will be completed.

 

Further information on the above transactions is available in the
announcements of the Company made on 18 March 2020, 9 April 2021, 5 May 2021
and 30 September 2021.

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

Contacts

 Arc Minerals Ltd                                 +44 (0) 20 7917 2942

 Nick von Schirnding (Executive Chairman)

 SP Angel (Nominated Adviser & Joint Broker)      +44 (0) 20 3470 0470

 Ewan Leggat / Adam Cowl

 WH Ireland Ltd (Joint Broker)                    +44 (0) 20 7220 1666

 Harry Ansell / Katy Mitchell

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCTIMATMTTBBMT