African Rainbow Minerals Limited Acquires Shares of Surge Copper Corp.

Written by Customer Service on . Posted in Mergers And Acquisitions.

TORONTO, April 02, 2024 (GLOBE NEWSWIRE) — 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 Thlaku
Title: Executive: Investor Relations and New Business Development
Email: thabang.thlaku@arm.co.za
Telephone: +27 11 779 1300

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.