Arc raises stake in Zaco to 72.5%

19th May 2020

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Aim-listed Arc Minerals has acquired a further 20% interest in Zaco Investments, which owns the Zaco exploration licence, in Zambia.

Arc now owns 72.5% of Zaco Investments' shares, with the balance held by Kopara Investments − Arc's partner at Zamsort.

This additional interest in Zaco has been acquired from Mumena Mushinge, a nonexecutive director of Arc and founder of Zamsort, in an all-equity deal for ten-million new ordinary shares of no par value in Arc.

Upon admission of the new ordinary shares, Mushinge will hold 6.87% of Arc's enlarged ordinary share capital.

The Zaco exploration licence covers 465 km² of highly prospective area immediately adjacent to the 407 km² Zamsort exploration licence.

"In line with our stated strategy, we are pleased to further consolidate our interest in Zaco and we regard this significantly increased interest as an important strategic step for Arc Minerals.

"We are now fully funded for our exploration programme for both the Zamsort and Zaco licences and we are excited to start drilling the various targets. At Zaco, we will initially focus our drilling programme at the Fwiji target,” comments Arc chairperson Nick von Schirnding.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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