Business
Sale of Non-Core Asset
Sale of Non-Core Asset.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n \nRNS Number : 6369S Arc Minerals Limited 26 June 2018 \n\nArc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration\n \n \n26 June 2018\n \nSale of Non-Core Asset for a Consideration of US$532,000\n \n \nArc Minerals (\"Arc\" or \"the Company\") is pleased to announce that it has signed a sale and purchase agreement in respect of the sale of its 18.48% shareholding in Andiamo Exploration Limited (\"Andiamo\") for US$532,000 in cash to AMED Funds (\"AMED\"), an African focused mining private equity group. The agreement is subject to final due diligence being carried out by AMED.\n \nNick von Schirnding, Executive Chairman of Arc commented:\n\"The sale of Andiamo represents a major step forward in delivering on our stated strategy of selling non-core assets. The sale monetises Arc's interest in Andiamo and the proceeds of the sale will be deployed at our Zamsort copper-cobalt asset exploration programme where drilling will commence shortly.\"\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.\n**ENDS**\n \nContacts\n \n\n\n\nArc Minerals Ltd\nNick von Schirnding (Chairman)\n \n\n\n+44 (0) 20 3874 8664\n\n\n\n\nSP Angel (Nominated Adviser & Broker)\nEwan Leggat / Lindsay Mair / Soltan Tagiev\n\n\n+44 (0) 20 3470 0470\n \n \n\n\n\n \nNotes to the Editors\nArc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia. \n \nARC Minerals current holdings include:\n· 99% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 1.5-million-ounce inferred resource at the Akyanga gold deposit in the DRC.\n· A 61% equity interest in Zamsort Limited (\"Zamsort\"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort, with interest on the convertib...