African Rainbow Minerals Limited Acquires Shares of Surge Copper Corp.
April 02 2024 - 4:41PM
African Rainbow Minerals Limited
(JSE:
ARI) (A2X: ARI)
(“
ARM”) announces that it has agreed to subscribe
for, through its wholly-owned subsidiary ARM Copper Company
Proprietary Limited (“
ARM Copper”), 39,608,708
common shares (“
Surge Shares”) in the capital of
Surge Copper Corp. (“
Surge”) pursuant to a
non-brokered private placement at a price of C$0.095 per share for
total consideration of approximately C$3,762,827 (the
“
Private Placement”) (subject to adjustment, if
necessary, such that the number of Common Shares purchased
represent 15.0% of the issued and outstanding Common Shares as at
Closing on a non-diluted basis). Closing of the Private Placement
(“
Closing”) is expected to occur in approximately
four to six weeks and is subject to certain conditions.
Immediately prior to the Private Placement, ARM
held no Surge Shares or other securities of Surge. Upon closing of
the Private Placement, ARM, through ARM Copper, will own 39,608,708
Surge Shares (the “Purchased Shares”),
representing approximately 15.0% of the issued and outstanding
Surge Shares on a non-diluted basis.
ARM, through ARM Copper, is acquiring the
Purchased Shares for investment purposes. ARM may from time to time
acquire additional Surge Shares or other securities of Surge or
dispose of some or all of the Surge Shares or other securities of
Surge that it owns at such time.
An early warning report will be filed by ARM in
accordance with applicable securities laws.
About ARM
ARM is a South African diversified mining and
minerals company with operations in South Africa and Malaysia. ARM
mines and beneficiates iron ore, manganese ore, chrome ore,
platinum group metals, nickel and coal and also has an investment
in Harmony Gold Mining Company Limited.
ARM’s head office is located at 29 Impala Road,
Chislehurston, Sandton, Johannesburg, Gauteng, South Africa 2196.
Surge’s head office is located at 888-700 West Georgia Street,
Vancouver, British Columbia V7Y 1G5.
For further information, or to obtain a copy of
the early warning report filed by ARM in accordance with applicable
securities laws, please contact:
Name: Thabang ThlakuTitle:
Executive: Investor Relations and New Business
DevelopmentEmail:
thabang.thlaku@arm.co.zaTelephone: +27 11 779
1300 |
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