Business
Virgo Project Acquisition
Virgo Project Acquisition.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 3503R\n Arc Minerals Limited\n 04 November 2021\n \n \n \n 4 November 2021\n Arc Minerals Ltd \n ('Arc' or the 'Company')\n \n Virgo Project Acquisition\n \n Arc Minerals Ltd is pleased to announce that, following satisfaction of all conditions precedent, it is progressing to completion in relation to the acquisition of 75% of the issued capital in Alvis-Crest (Proprietary) Limited (\"Alvis\") from Kopore Metals Limited (\"Kopore\") (the \"Transaction\").\n \n Terms of the Transaction:\n \n · Arc has agreed to pay Kopore consideration of £1.2m, to be satisfied through the issue of 35,488,259 fully paid ordinary shares of no par value in the Company (\"Consideration Shares\"). The number of Consideration Shares is based on the 10-day VWAP, up to and including 3 November 2021, of 3.3814 pence per share. The Consideration Shares are expected to be admitted to trading on AIM on Wednesday, 10 November 2021.\n \n · Arc have the option to acquire the remaining 25% of Alvis for US$5m exercisable until Arc makes a final investment decision, which would be upon the completion of a bankable feasibility study in respect of the licences.\n \n · Arc is committed to spending US$200,000 per annum on the prospects and would be required to procure that Alvis pays a 1% net smelter royalty, capped at US$30m to Kopore. The royalty can be bought out at a cost of US$5m until Arc makes a final investment decision.\n \n · In the year ended 30 June 2021, Alvis made an unaudited loss of 696,207 Botswanan Pula (approximately £45,000). At the same date, Alvis had unaudited net liabilities of 6,422,447 Botswanan Pula (approximately £410,000).\n \n Alvis is the holder of two prospecting licences in Botswana's Kalahari Copper Belt. The licenses, covering over 210km2, are approximately 10km south east of the large underground Khoemacau Copper mine recently commissioned by Cupric Canyon Capital LP. Please see the below link to a map of the licences:\n \n \n \n \n \n \n http://www.rns-pdf.londonstockexchange.com/rns/3027T_1-2021-3-24.pdf\n \n \n \n Figure 1. Image showing exploration licenses PL 135/2017 & PL 162/2017 ('Virgo Prospects') in the Kalahari Copper Belt and the known deposits discovered to date. (Source: Slide 8, Kopore Metals Presentation March 2021)\n \n \n \n Nick von Schirnding,...