Business
Placing to Raise £250,000
Placing to Raise £250,000.
About this update from Arkle Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 1246N\n Arkle Resources PLC\n 18 May 2020\n \n \n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.\n \n \n \n \n \n 18 May 2020\n \n \n \n \n \n Arkle Resources PLC \n \n \n \n \n \n (\"Arkle\" or the \"Company\")\n \n \n \n \n \n Placing to Raise £250,000\n \n \n \n \n \n Arkle Resources PLC (LON: ARK),\n the Irish gold and zinc exploration and development company, is pleased to announce \n that the Company has undertaken a placing to raise £250,000 (before expenses) via the issue of 33,333,333 new ordinary shares (the \"Placing Shares\"), at a placing price of 0.75p per Placing Share (the \"Placing Price\").\n \n \n \n \n \n The net proceeds raised will be used for further exploration activities at the \n the \n Stonepark Zinc Project in Co. Limerick, Ireland and fund \n other exploration activities, including on the Company's 100% owned gold exploration projects.\n \n \n \n \n \n \n Patrick Cullen, Chief Executive Officer of Arkle, commented,\n \n \n \"The high grade of the Stonepark deposit, its relatively shallow depth and its strategic location next door to Glencore's Pallas Green deposit have generated significant interest leading to the transaction, which significantly strengthens Arkle's balance sheet going forward.\n \n \n \n \n \n \n \"We believe this investment and confirmation that our joint venture partner has received further funding from Glencore is a strong endorsement of the Stonepark Project. \n \n \n \n \n \n \"Furthermore, there is exciting exploration potential in the south of the project along the 'Pallas Corridor'. We look forward to drilling recommencing as planned in August, subject to Covid-19 restrictions.\"\n \n \n \n \n \n \n The Stonepark Zinc Project\n \n is a \n joint venture with Group Eleven Resources Corp., Arkle holds a 23.44% stake in the project, free from encumbrances. The project \n contains a maiden Inferred Mineral Resource totalling 5.1 million tonnes at 11.3% zinc and lead combined (8.7% Zn and 2.6% Pb), occurring at depths from 190m to 395m below surface. The deposit lies adjacent to Glencore's Pallas Green deposit which contains 45.4 million tonnes at 8% zinc and lead combined (Glencore; Resources ...