Arc Minerals Ltd. raised its ownership in the Zamsort copper-cobalt project in Zambia to 61% following the acquisition of an additional 6% interest in Zamsort Ltd. from two separate shareholders.
The company will issue 12 million new shares in exchange for the additional stake, according to a June 18 release. The buyers will also be granted warrants over a total of 2,520,000 new shares, exercisable at 6 pence per share until June 18, 2020. The exercise price represents around a 40% premium over the closing mid-market price of 4.2 pence per share on June 15.
Arc also holds a loan note convertible into an additional 5.34% interest in Zamsort.
The company, meanwhile, appointed a Zambia-based contractor for a proposed drilling program at the project. The first of three drill rigs is due to arrive on site this week, with the remaining two rigs expected to arrive shortly thereafter.