Jangada Mines PLC Corporate Update (3915C)
June 17 2019 - 2:00AM
UK Regulatory
TIDMJAN
RNS Number : 3915C
Jangada Mines PLC
17 June 2019
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
17 June 2019
Jangada Mines plc ('Jangada' or the 'Company')
Corporate Update
Jangada Mines plc, a natural resources company, is pleased to
provide a corporate update further to the announcement dated 28 May
2019 regarding the proposed sale of Pedra Branca do Brasil
Mineracao Ltda., the entity that holds Pedra Branca, to TSX-V
listed ValOre Metals Corp. ('ValOre') (the 'Proposed
Transaction').
Discussions between the Company and ValOre continue to advance.
In anticipation of undertaking the Proposed Transaction, the
Company has transferred its vanadium, titanium and iron rights,
including the Ptombeiras Project, to a separate 99% owned
subsidiary, VTF Mineracao Ltda ("VTF"); the 1% shareholder in the
subsidiary, FFA Holding & Mineracao Ltda ("FFA"), is in
agreement with the Company's development plan for Ptiombeiras. FFA
is owned and controlled by Luis Azevedo, a Non-Executive Director
the Company, and holds the shares in VTF for the benefit of the
Company and in compliance with Brazilian laws which require two
quota holders for limited liability companies.
The Ptombeiras Project is near but distinct from the PGM and
nickel deposits at Pedra Branca. As per the announcement dated 11
March 2019, drill results at Ptombeiras confirmed the presence of a
high-grade vanadium deposit with potential for significant resource
delineation. The NI 43-101 compliant CPR is underway for the
Ptombeiras Project and is on track to be delivered during Q3
2019.
In addition, in light of the Proposed Transaction, Celtic
Capital Pty Limited ("Celtic") and Jangada have agreed by mutual
consent to terminate the funding arrangement, announced in
September 2018, consisting of an undrawn 12-month unsecured loan
facility for US$1 million, previously offered by Celtic, which was
due to expire in September 2019. The loan facility has been
terminated for nil fee and will not impact on the proposed
development plan for Ptombeiras, or the Company's general
medium-term funding prospects.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
* ENDS *
For further information, please visit www.jangadamines.com or
contact:
Jangada Mines plc Brian McMaster (Chairman) Tel: +44 (0) 20 7317
6629
Strand Hanson Limited James Spinney Tel: +44 (0)20 7409
(Nominated & Financial Ritchie Balmer 3494
Adviser) Jack Botros
Brandon Hill Capital Jonathan Evans Tel: +44 (0)20 3463
(Broker) Oliver Stansfield 5000
St Brides Partners Isabel de Salis Tel: +44 (0)20 7236
Ltd Gaby Jenner 1177
(Financial PR)
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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