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Arc Minerals acquires further stake in Zambian prospect
UK-based Arc Minerals has acquired another 20% stake in the Zaco prospect in Zambia, increasing its holding to 72.5% from 52.5% in exchange for Arc shares.
Arc Minerals noted that the remaining interest would be held by its Zamsort project partner Kopara Investments.
The additional stake has been acquired from Arc non-executive director and Zamsort project founder Mumena Mushinge through an all-equity deal for ten million new ordinary shares.
Mumena’s stake in the Arc will increase to 6.87% of the company.
The Zaco exploration licence covers a highly prospective area of 465km2. It is located adjacent to the Zamsort exploration license and comprises notable exploration targets including the Fwiji, West Lunga, Nyambwezu, Muswema South, and the Chihindi targets.
Arc Minerals executive chairman Nick von Schirnding said: “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 licenses and we are excited to start drilling the various targets. At Zaco, we will initially focus our drilling programme at the Fwiji target.”
In November, Arc Minerals signed a binding sale and purchase agreement with Canadian private equity group Century Capital Management with respect to the sale of its 99.43% stake in Casa Mining.
In April last year, Arc Minerals commissioned the Kalaba Demonstration Pilot Plant, which will initially produce copper cobalt sulphide concentrate.
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Fortuna Silver Mines secures $60m for Lindero project
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Canadian SSR Mining to acquire Alacer Gold in $1.7bn deal
Canadian precious metals producer SSR Mining has signed a definitive agreement to acquire Alacer Gold in an all-stock deal valued at C$2.41bn ($1.72bn).
Under the terms of the agreement, Alacer shareholders will receive 0.3246 of an SSR share for each Alacer share held, which equates to a consideration of C$8.19 ($5.84) per Alacer share.
Uranium company NexGen secures $30m in funding
Canadian uranium company NexGen has secured $30m in financing from Queen’s Road Capital (QRC), a financier for global resource firms. The package comprises of $15m of common shares of NexGen and $15m of unsecured convertible debentures.
Approximately 11.6 million shares will be issued at a price of CAD1.80 ($1.29) per placement share, while the debentures will be convertible at the holder’s option into approximately 8.9 million common shares.
Uranium company NexGen secures $30m in funding
Canadian uranium company NexGen has secured $30m in financing from Queen’s Road Capital (QRC), a financier for global resource firms. The package comprises of $15m of common shares of NexGen and $15m of unsecured convertible debentures.
Approximately 11.6 million shares will be issued at a price of CAD1.80 ($1.29) per placement share, while the debentures will be convertible at the holder’s option into approximately 8.9 million common shares.
Shandong Gold agrees to buy Canadian firm TMAC Resources
Chinese state-controlled firm Shandong Gold Mining has signed an agreement to acquire all of the outstanding shares of Canadian miner TMAC Resources.
The deal will see the Chinese firm pay C$1.75 ($1.24) a share in cash to TMAC.
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