Arc Minerals Reiterates There Is No Merit to Debt Claim Against Zambia Subsidiary
13 October 2021 - 07:08PM
Dow Jones News
By Jaime Llinares Taboada
Arc Minerals Ltd. on Wednesday reiterated that a debt claim made
by Terra Metals Ltd. against its subsidiary Zamsort Ltd. is without
merit, and that speculation that Zamsort and another of its Zambian
subsidiaries have been placed into receivership is incorrect.
Arc, which in 2018 increased its shareholding in Zamsort to 66%,
said the debt claim is in connection with a $5.8 million capital
raising by Zamsort in 2015, prior to Arc becoming a shareholder of
the company.
Zamsort is a copper-cobalt project in Zambia.
In addition, Arc said that an ex-parte order was issued last
month which purports to restrict Zamsort and another of its local
subsidiaries, Handa Resources Ltd., from disposing of, alienating
or encumbering the Kalaba mine, and which purports to place the
site into receivership. The company said it considers the order
wasn't properly obtained and expects it to be set aside
imminently.
Shares at 0726 GMT were down 4.0% at 3.60 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
October 13, 2021 03:53 ET (07:53 GMT)
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