Jangada Mines PLC Sale of 2 million ValOre Shares (1635Q)

TIDMJAN

RNS Number : 1635Q

Jangada Mines PLC

24 February 2021

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

24 February 2021

Jangada Mines plc ('Jangada' or 'the Company')

Sale of 2 million ValOre Shares

Jangada Mines plc, a natural resources company, is pleased to announce that it has sold 2 million of its common shares in ValOre Metals ('ValOre') at a price of CAD$0.30 per share, providing Jangada with gross proceeds of CAD$600,000.

The proceeds, along with the funds raised in the placing announced on 19 February 2021, will be used for ongoing exploration and working capital purposes at the Company's 100%-owned Pitombeiras Vanadium Project ('Pitombeiras' or the 'Project'), Ceará State, Brazil. Jangada now holds a total of 14,500,000 ValOre common shares, representing 12.1 per cent of ValOre's share capital.

Brian McMaster, Executive Chairman of Jangada, said: "The recent PEA confirmed Pitombeiras is a project with very robust economics and remarkable potential for further growth, which we are committed to delivering. The funds received from the sale of the ValOre shares, along with the proceeds raised in the recent placing, will allow us to further strengthen this initial PEA through the expansion of the resource and completion of new metallurgical tests, which will provide the basis for discussions with potential traders and off-takers."

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)   [e-mail] 
 
 Strand Hanson Limited     James Spinney               [e-mail] 
  (Nominated & Financial    Ritchie Balmer 
  Adviser)                  Jack Botros 
 
 Brandon Hill Capital      Jonathan Evans              [e-mail] 
  (Broker)                  Oliver Stansfield 
 
 St Brides Partners        Isabel de Salis             [e-mail] 
  Ltd                       Beth Melluish 
  (Financial PR) 
 

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February 24, 2021 02:35 ET (07:35 GMT)