Business
Update on media article
Update on media article.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 8644O\n Arc Minerals Limited\n 13 October 2021\n \n \n \n \n 13 October 2021\n \n \n Arc Minerals Ltd\n \n \n ('Arc' or the 'Company')\n \n \n Update on media article\n \n \n \n \n \n The Company notes media speculation in a Zambian newspaper in respect of a debt claim made by Terra Metals and others, including Mumena Mushinge, a former shareholder of Zamsort Ltd (\"Zamsort\") against Zamsort, a subsidiary of the Company, in connection with a $5.8m capital raise by Zamsort in 2015 (prior to Arc becoming a shareholder of Zamsort). Arc considers that the case is without any merit, as originally notified on 10 March 2021. \n \n \n \n \n \n The Company also notes further recent media speculation in Zambia that Zamsort and another of Arc's local subsidiaries, Handa Resources Limited (\"Handa\"), have been placed into receivership is incorrect. An ex-parte order was issued on 14 September 2021 which purports to restrict Zamsort or Handa from disposing of, alienating or encumbering the mineral tenements known as Kalaba Mine under small scale mining licence number 8248-HQ-SML* and large scale mining licence number 19906-HQ-LEL and purports to place these tenements into receivership. The Company considers the order was not properly obtained and Arc expects the order to be set aside imminently. \n \n \n \n \n \n Arc maintains full control of its subsidiaries and assets in Zambia and the drilling campaign continues. \n \n \n \n \n \n *Small scale mining licence number 8248-HQ-SML was converted into an exploration licence and now forms part of licence number 19906-HQ-LEL.\n \n \n \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n 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.\n \n \n \n \n \n \n \n \n **ENDS**\n \n \n For more information visit \n \n www.arcminerals.com\n \n .\n \n \n \n \n \n Contacts\n \n \n \n \n \n Arc Minerals Ltd\n \n \n Nick von Schirnding (Executive Chairman)\n \n \n \n \n \n \n \n +44 (0) 20 \n 7917 2942\n \n \n \n \n \n \n...