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Arc Minerals Ltd - copper and cobalt explorer in Zambia - Agrees to settle various disputed matters and for all legal proceedings to be permanently dropped. Dispute surrounded debt claim made against investee Zamsort Ltd. Claim in connection to USD5.8 million debt raise by Zamsort in 2015, prior to Arc becoming a shareholder in unit. Says agreement will now be submitted to Zambian courts to effect a consent judgement which will have the force of law.
As part of agreement, will transfer to the claimant parties the entire issued share capital of Zamsort held by the Arc - which is 66% of the issued share capital of Zamsort.
Executive Chair Nick von Schirnding says: "I am very pleased to have executed the settlement agreement which allows us to move on from what has been a lengthy period of uncertainty. The settlement is in the best interests of the company and its shareholders and allows us to focus on operations and also accelerate our discussions with interested major mining companies."
Current stock price: 3.25 pence
12-month change: down 52%
By Paul McGowan; paulmcgowan@alliancenews.com
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