Arc Minerals buys another 5pc of Zaco following West Lunga discovery
By Josh White
Date: Friday 05 Jul 2019
(Sharecast News) - Arc Minerals has acquired a further 5% interest in Zaco, taking its total interest to 47.5%, it announced on Friday.
The AIM-traded company said that following the discovery of the large West Lunga target, it purchased a further 5% interest in Zaco from Rémy Welschinger - a non-executive director of Arc - for a total consideration of 1,414,000 new ordinary shares of no par value.
"Following the exciting news of the West Lunga discovery we are keen to consolidate our interest in Zaco and we are pleased to have increased our interest in Zaco on the same commercial terms as the initial transaction," said executive chairman Nick von Schirnding.
Application had been made for the new ordinary shares to be admitted to trading on AIM, which was expected to occur on or around 11 July.
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