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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jangada Mines Plc | LSE:JAN | London | Ordinary Share | GB00BZ11WQ61 | ORD GBP0.0004 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.40 | 1.30 | 1.50 | 1.40 | 1.40 | 1.40 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Metal Ores,nec | 0 | -1.02M | -0.0040 | -3.50 | 3.62M |
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)
This information is provided by RNS, the news service of the 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.
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(END) Dow Jones Newswires
August 15, 2019 02:01 ET (06:01 GMT)
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