Business
MTC exercises Sturec option
MTC exercises Sturec option.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n \nRNS Number : 2918Y Arc Minerals Limited 30 December 2019 \n\n30 December 2019\n \nArc Minerals Ltd\n('Arc' or the 'Company')\nMTC exercises Sturec option\n \nArc Minerals (\"Arc\" or the \"Company\") is pleased to announce that following the announcement released on 19 November 2019, the Company has today received confirmation that MetalsTech Limited (\"MTC\"), an Australian listed mineral exploration company has exercised its option to acquire Arc's interest in the Šturec gold project (\"Šturec\" or the \"Project\") in Slovakia for a gross consideration of up to US$8m. Under the terms of the option agreement a proposed completion date will not be more than 45 days following the date of the exercise notice. \n \nFirst Payment and Second Payment\nUnder the option agreement, Arc will receive two phased cash payments. The first of A$450,000 (less the option fee of A$30,000 which was paid on entering into binding term sheet) within 10 business days of a formal SPA being executed (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). \n \nThe Resource Upgrade Royalty\nIf, within 2 years of the disposal, the Šturec 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. \n \nAny consideration due under the Resource Upgrade Royalty may be satisfied in such form of consideration or instrument acceptable to MTC, in its sole discretion (including, but not limited to cash or shares in MTC).\n \n**ENDS**\nContacts\n\n\n\nArc Minerals Ltd\nNick von Schirnding (Chairman)\n \n\n\n+44 (0) 20 7917 2942\n \n\n\n\n\nSP Angel (Nominated Adviser & Broker)\nEwan Leggat / Soltan Tagiev\n \n\n\n+44 (0) 20 3470 0470\n \n\n\n\n \nMarket Abuse Regulation (MAR) Disclosure\nCertain 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.\nForward-looki...