Jangada Mines PLC Disposal of Pedra Branca Project (1107J)
15 August 2019 - 4:01PM
UK Regulatory
TIDMJAN
RNS Number : 1107J
Jangada Mines PLC
15 August 2019
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
15 August 2019
Jangada Mines plc ("Jangada" or the "Company")
Disposal of Pedra Branca Project
Jangada Mines plc, a natural resources company, is pleased to
announce that, further to its announcement on 2 August 2019, the
remaining Conditions have been satisfied and, as such, the
agreement to dispose of Pedra Branca Brasil Mineracao Ltda., the
entity that holds the Pedra Branca Project, to ValOre (the
"Disposal"), as set out in the circular posted to Shareholders on
17 July 2019 (the "Circular"), completed on 14 August 2019
("Completion").
Accordingly, the Company has formally transferred ownership of
Pedra Branca Brasil Mineracao Ltda. to PBBM Holdings Ltd., a wholly
owned subsidiary of ValOre, in consideration for the issuance of
22,000,000 ValOre common shares to Jangada (the "Initial
Consideration Shares"), and receipt by Jangada of the first tranche
of cash proceeds in the amount of C$750,000. Following the issuance
of the Initial Consideration Shares, Jangada will have a holding of
26 per cent in ValOre's then enlarged share capital.
The Company is also due to receive cash payments of C$2,000,000
over the next 6 months and up to 3,000,000 ValOre common shares
over the next 3 years.
Please refer to the Circular for further information on the
Disposal.
Jangada intends to use the majority of the net proceeds of the
Disposal for the further development of Pitombeiras, which in the
near term, would involve further drilling and metallurgical work. A
NI 43-101 compliant CPR is already underway, which is expected to
be completed by the Company during Q3 2019.
Jangada estimates that the time required to complete the next
stage of development of the Pitombeiras project will be six months
from Completion, at which time, further, informed decisions can be
made as to the correct way forward.
Unless otherwise defined, capitalised terms are as per the
definitions section in the Circular.
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").
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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END
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