African Rainbow Minerals Limited Acquires Shares Of Surge Copper Corp.
African Rainbow Minerals Limited Acquires Shares Of Surge Copper Corp. African Rainbow Minerals Limited announces that it has agreed to subscribe for, through its wholly-owned subsidiary ARM Copper Company Proprietary Limited, 39,608,708 common shares in the capital of Surge Copper Corp. 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.
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, 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.
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.
Surge Copper Corp, is Canada-based exploration company. The Company operates in one reportable operating segment, being the acquisition, exploration and development of mineral properties in British Columbia, Canada. The Company owns the Ootsa Project, which is located approximately 100 kilometers south of the town of Houston, British Columbia, and is located on the south side of Tahtsa Reach. The Ootsa Project is adjacent to the Huckleberry Mine and Mill Complex owned by Imperial Metals Corporation. The Ootsa Project explores for copper, gold, silver and molybdenum. The Ootsa Project is comprised of more than 100 mineral claims totaling approximately 72, 000 hectares.
