In a bid to maintain its 15% stake in Arizona Mining Inc., South32 Ltd. exercised the right to subscribe for an additional 836,279 common shares of the former at C$4.48 each for a total of C$3.7 million.

Together with 45 million shares acquired in May 2017, South32 agreed in September 2017 with a third party to buy up to an additional 15 million shares that will increase South32's stake to 19.9%.

The agreement allows South32 to acquire up to a 19.9% interest within an 18-month standstill period without the consent of Arizona Mining's board.