Arc Minerals Ups Stake in Zambia's Zaco Investments.


Canada-based, Zambian focussed copper exploration and development company Arc Minerals Ltd has acquired a further 20% interest in the issued share capital of Zaco Investments Ltd, increasing Arc's interest in Zaco from 52.5% to 72.5%, the company said.

The remaining interest will be held by Kopara Investments, Arc's partner at Zamsort.

This additional interest in Zaco has been acquired from Mumena Mushinge, a non-executive director of Arc Minerals and founder of Zamsort, in an all-equity deal for 10m new ordinary shares of no par value in the company.

Upon admission of the new ordinary shares, Mumena's beneficial interest in the ordinary share capital of Arc Minerals will consist of 67,069,129 ordinary shares, representing approximately 6.87% of the enlarged ordinary shares capital of the company.

Mumena Mushinge is a director of the company and is therefore regarded as related party as defined by the AIM Rules for Companies.

Therefore, Mumena Mushinge withheld his vote during the company's board meeting approving the acquisition.

The Zaco exploration license is significant in size, covering 465km[sup.2] of highly prospective area immediately adjacent to the 407km[sup.2] Zamsort exploration license and holds a number of significant exploration...

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