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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 : 4092C
Jangada Mines PLC
10 February 2020
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining
10 February 2020
Jangada Mines plc ('Jangada' or the 'Company')
Final CAD$1m received from ValOre
Jangada Mines plc, a natural resources company, is pleased to announce that it has received the final CAD$1,000,000 payment due from PBBM Holdings Ltd., a wholly owned subsidiary of TSX-V listed ValOre Metals Corp. ('ValOre'), in relation to the disposal of the Company's previously owned project, Pedra Branca Brasil Mineracao Ltda ('Pedra Branca'), which was announced on 15 August 2019.
Under the terms of the binding share purchase agreement, as announced on 17 July 2019, Jangada sold its interests in Pedra Branca to ValOre for an aggregate consideration of the issue of 25,000,000 ValOre common shares and cash payments totaling CAD$3,000,000, payable in several tranches. ValOre has now paid the third Post-Closing Payment of CAD$1,000,000 to Jangada, marking the final cash payment due. 500,000 Post-Closing Consideration Shares have also been issued to Jangada.
Following issuance of the Post-Closing Consideration Shares, Jangada holds a total of 22,500,000 ValOre common shares, representing 24.9% per cent of ValOre's share capital. The remaining 2,500,000 ValOre common shares due to Jangada are payable in six-monthly instalments of 500,000 shares each.
Funds received to date from the sale of Pedra Branca are being used to advance the Pitombeiras Vanadium Project in Ceara State, Brazil ("Pitombeiras"), which has a JORC (2012) Exploration Target of between 40 Mt to 60 Mt tonnes at 0.3% to 0.6% V(2) O(5) , 40% to 55% Fe(2) O(3) and 8% to 10% TiO(2) . In January, the Company commenced a 2,500-metre drilling programme at Pitombeiras to test three prospective magnetic anomalies. The drilling campaign is expected to provide the necessary technical information to support the compilation of a JORC compliant Mineral Resource estimate and a Preliminary Economic Assessment.
Defined terms are set out in the Share Purchase Agreement referred to in the announcement of 17 July 2019 unless stated otherwise.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
ENDS
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 Charlotte Page Tel: +44 (0)20 7236 Ltd Beth Melluish 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.
END
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February 10, 2020 02:00 ET (07:00 GMT)
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