Aim-listed Arc Resources has raised £2.2-million through the placing of 73.6-million units at 3p each.
Proceeds of the placing will be used to fund the continuing exploration and development work on the company’s Zamsort copper project, in Zambia, and for general working capital purposes.
Executive chairperson Nick von Schirnding said Arc was approached by two family offices, one of which was already a shareholder for further funding to progress the newly identified targets at the Zamsort copper project, in Zambia.
“This is a very good outcome for us and as a result we will be accelerating work in respect of Cheyeza West and other key targets and will start a comprehensive drilling programme as soon as possible,” said Von Schirnding.
Von Schirnding would acquire 2 333 334 placing units at a price of 3.00p a unit. Upon admission, he would have a beneficial interest representing about 2.26% of the enlarged ordinary share capital of the company.
Nonexecutive directors Don Bailey, Mumena Mushinge and Brian McMaster have also participated in the placing, and so did COO Vassilios Carellas and CFO John Forrest.