REG - Arc Minerals Limited - Final Completion of Anglo JV

ARC MineralsAnnouncement

10/11/2023 15:15

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RNS Number : 1360T  Arc Minerals Limited  10 November 2023

10 November 2023

 

Arc Minerals Ltd

 

("Arc Minerals", "Arc" or the "Company")

 

Final Completion of Anglo JV

 

Arc Minerals is pleased to announce the unconditional completion of its Joint
Venture Agreement with a subsidiary of Anglo American plc (the "JVA")
following satisfaction of the remaining conditions precedent as previously
announced on 27 October 2023, including the cash payment of $3.5million due to
Unico Minerals Ltd, a 67%-owned subsidiary of Arc.

 

Arc Minerals also announces that Ian Lynch has been appointed as non-board
Chief Financial Officer and that Rémy Welschinger is stepping down as Finance
Director with immediate effect in order to focus on his other ventures. Rémy
will remain on the board of directors of the Company as a non-executive
director.

 

Nick von Schirnding, Executive Chairman of Arc said: "I am delighted to
announce that the Anglo American JV has now gone unconditional - a great
milestone for our shareholders.

 

I welcome Ian as our CFO - he has been actively involved over the past few
years with our finance team and brings extensive finance, legal and compliance
experience.  On behalf of the board I would also like to thank Rémy for his
hard work over the past four years as our Finance Director both in financing
the Company's projects and helping negotiate the Anglo American transaction."

 

Arc Minerals announces that it has issued 5,593,099 new ordinary shares of no
par value in the share capital of the Company ("Ordinary Shares") as
consideration to certain creditors (the "Shares").

 

Application will be made to the London Stock Exchange plc for the 5,593,099
Shares to be admitted to trading on AIM ("Admission") with Admission expected
to occur on or around 16 November 2023. The New Ordinary Shares will rank
pari passu in all respects with the existing Ordinary Shares including the
right to receive any dividend or other distribution thereafter declared, made
or paid. There are no Ordinary Shares held in treasury. Following Admission of
the 5,593,099 New Ordinary Shares, the total number of voting rights in the
Company will be 1,232,318,465.

 

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.

 

Arc Minerals is solely and entirely responsible for the contents hereof.
Neither Anglo American nor any other person, accepts responsibility for the
adequacy or accuracy of this news release.

 

**ENDS**

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 Limited (Joint Broker)                +44 (0) 20 7220 1666

 Harry Ansell / Katy Mitchell

Cautionary Note Regarding Forward-Looking Information

 

Certain statements and information herein, including all statements that are
not historical facts, contain forward-looking statements and forward-looking
information within the meaning of applicable securities laws. Such
forward-looking statements or information include, but are not limited to,
statements regarding future drilling and work programs at the Project. Often,
but not always, forward-looking statements or information can be identified by
the use of phrases or statements that certain actions, events or results
"will" occur or be achieved.

 

With respect to forward-looking statements and information contained herein,
the Company has made numerous assumptions including among other things,
assumptions about general business and economic conditions, the prices of gold
and copper, and anticipated costs and expenditures. The foregoing list of
assumptions is not exhaustive.

 

Although management of the Company believes that the assumptions made and the
expectations represented by such statements or information are reasonable,
there can be no assurance that a forward-looking statement or information
herein will prove to be accurate. Forward-looking statements and information
by their nature are based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause the Company's actual results,
performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements or information. These factors include, but are
not limited to: risks associated with the business of the Company; business
and economic conditions in the mining industry generally; the supply and
demand for labour and other project inputs; changes in commodity prices;
changes in interest and currency exchange rates; risks relating to inaccurate
geological and engineering assumptions (including with respect to the tonnage,
grade and recoverability of reserves and resources); risks relating to
unanticipated operational difficulties (including failure of equipment or
processes to operate in accordance with specifications or expectations, cost
escalation, unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial disturbances or
other job action, and unanticipated events related to health, safety and
environmental matters); risks relating to adverse weather conditions;
political risk and social unrest; changes in general economic conditions or
conditions in the financial markets; changes in laws (including regulations
respecting mining concessions); and other risk factors as detailed from time
to time in the Company's continuous disclosure documents filed with Canadian
securities administrators. The Company does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.

 

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