Casa Mining Transaction Update

RNS Number : 6296B

Arc Minerals Limited

14 February 2022

 

14 February 2022

Arc Minerals Ltd 

('Arc' or the 'Company')

Casa Mining Transaction Update

Arc is pleased to announce an update on the progress of the acquisition of a 73.5% interest in the Misisi gold project ("Misisi") by Rackla Metals Inc. ("Rackla") from Golden Square Equity Partners Limited ("Golden Square").

Subject to certain conditions, Arc sold its interest in Casa Mining Limited ("Casa"), through which it held its interest in Misisi, to Golden Square.

Rackla has today announced that it continues to work on satisfying the conditions precedent to its proposed acquisition of a 73.5% interest in Misisi, located in the Democratic Republic of the Congo.

Rackla has filed on SEDAR an amended independent technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, supporting the mineral resource estimate for the project previously reported in Rackla's news release dated 5 May 2021. The amended report replaces the previous technical report for the project filed on 12 October 2021.

The parties to the acquisition agreements have agreed to extend the deadline for completing the acquisition to 15 March 2022. The TSX Venture Exchange ("TSXV") has conditionally approved the acquisition. The closing is subject to Rackla completing a financing to raise a minimum of CAD 5 million and other customary conditions, including TSXV final approval. Rackla is in the process of satisfying the requirements to obtain such approval. Trading in Rackla's common shares continues to be halted and is expected to remain halted until the completion of the transaction.

Shareholders of Arc should note that, until the conditions to closing are satisfied, there is no certainty that the transaction between the Company and Golden Square or between Golden Square and Rackla will be completed.

Further information on the above transactions is available in the announcements of the Company made on 18 March 2020, 9 April 2021, 5 May 2021 and 30 September 2021.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Contacts

Arc Minerals Ltd Nick von Schirnding (Executive Chairman)	[phone]
SP Angel (Nominated Adviser & Joint Broker) Ewan Leggat / Adam Cowl	[phone]
WH Ireland Ltd (Joint Broker) Harry Ansell / Katy Mitchell	[phone]

 

END

 

 

MSCTIMATMTTBBMT