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Arras Minerals to Begin Trading on TSX Venture Exchange & Provides Corporate Update
VANCOUVER, British Columbia, June 13, 2022 (GLOBE NEWSWIRE) -- Arras Minerals Corp. (“Arras”; TSX-V:ARK, “the Company”) is pleased to announce that the Company’
About this update from Arras Minerals Corp
[{"type":"text","content":"VANCOUVER, British Columbia, June 13, 2022 (GLOBE NEWSWIRE) -- Arras Minerals Corp. (“Arras”; TSX-V:ARK, “the Company”) is pleased to announce that the Company’s common shares have been approved for listing on the TSX Venture Exchange under the symbol “ARK.” Arras expects the shares to commence trading effective on the opening of the markets on Tuesday, June 14, 2022. Darren Klinck, President, commented, “We are excited about the bright future ahead for Arras and our sole focus on the highly prospective copper-gold belt in NE Kazakhstan where we have assembled more than 2,500 square kilometres of mineral exploration licenses. We would like to thank our supportive shareholders who have provided the foundation for our rapid advancement in the country over the past 15 months and look forward to building on this as we seek to add shareholder value and increase the profile of Arras’ mineral exploration and development initiatives in Kazakhstan as a publicly listed company.” Corporate Update Private Placement Financing On May 30, 2022, the Company completed a private placement financing issuing 1,091,000 shares at C$1.50 per share for gross proceeds of C$1,636,500. Net proceeds from the financing will be used to fund exploration activities at the Company’s projects in NE Kazakhstan and for general corporate purposes. All securities issued pursuant to the private placement are subject to a hold period under applicable Canadian securities laws, which will expire four months plus one day from the date of closing of the Private Placement and will be restricted securities for purposes of U.S. securities laws. Kazakhstan Exploration Activities Summary In 2021, Arras established a local technical team based in Ekibastuz, Pavlodar as well as a small administrative office in Almaty. Exploration and development activities during 2021 comprised of a full review of the historical work completed on Beskauga as well as commencement of diamond drilling utilizing two rigs for H2 2021. An airborne geophysics (magnetics) program was initiated and completed at Beskauga in H2 2021. The geophysics program on the regional licenses has continued in H1 2022. Initial drill assay results from Hole BG21001 and BG 21002 were announced in January and February 2022 respectively. Highlights from Hole BG21001 starting from 44m were 972.3m @ 0.56 g/t A...