Business
Acquisition of further interest in Zaco
Acquisition of further interest in Zaco.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n \n \n RNS Number : 2799N\n Arc Minerals Limited\n 19 May 2020\n \n \n \n 19 May 2020\n \n Arc Minerals Ltd\n \n ('Arc' or the 'Company')\n \n Acquisition of further interest in Zaco\n \n \n \n Arc Minerals Limited, the Zambian focussed copper exploration and development company, is pleased to announce that it has acquired a further 20% interest in the issued share capital of Zaco Investments Limited (\"Zaco\") (the \"Acquisition\"), increasing Arc's interest in Zaco from 52.5% to 72.5%. The remaining interest will be held by Kopara Investments, Arc's partner at Zamsort.\n \n This additional interest in Zaco has been acquired from Mr. Mumena Mushinge, a non-executive director of Arc Minerals and founder of Zamsort, in an all-equity deal for 10 million new ordinary shares of no par value in the Company (\"Ordinary Shares\"). Upon admission of the new Ordinary Shares, Mr. Mumena's beneficial interest in the ordinary share capital of Arc Minerals will consist of 67,069,129 Ordinary Shares, representing approximately 6.87% of the enlarged Ordinary Share capital of the Company.\n \n \nMr. Mumena Mushinge is a director of the Company and is therefore regarded as related party as defined by the AIM Rules for Companies. Therefore, Mr. Mumena Mushinge withheld his vote during the Company's board meeting approving the Acquisition.\n \n About Zaco\n The Zaco exploration license is significant in size, covering 465km² of highly prospective area immediately adjacent to the 407km² Zamsort exploration license and holds a number of significant exploration targets including the Fwiji, West Lunga, Nyambwezu, Muswema South as well as the Chihindi targets.\n \n Following the sale of his interest in Zaco, Mumena Mushinge will step down from the board of Zaco, however, Mr. Nick von Schirnding, Chairman of Arc, will remain as the Zaco Chairman with Mr. Vassillios Carellas, COO of Arc who remains CEO of Zaco.\n \n \n Nick von Schirnding, Executive Chairman of Arc stated:\n \n \"In line with our stated strategy, we are pleased to further consolidate our interest in Zaco and we regard this significantly increased interest as an important strategic step for Arc Minerals.\n \n We are now fully funded for our exploration programme for both the Zamsort and Zaco licenses and we are excited to start drilling the vari...