Zamare Announces Over-subscribed Pre-IPO Financing
Zamare Minerals Plc (“Zamare” or “the Company”) is pleased to announce that it has raised over £600,000 in an oversubscribed private placing that included existing shareholders and new investors.
These funds were invested at a price of £3/share with a half warrant at £4/share which has a three-year life. These terms were identical to those of the financing in April 2021, even though the Company has made material progress on four of its five exploration licences in Zambia.
The new funds will be used to maintain exploration momentum on Zamare’s Ntambu and Dongwe licences in Zambia, building on the good results of 2021, and to fund the costs for the Company’s planned Initial Public Offering (“IPO“) in London in 2022.
Managing Director of Zamare, Roger Murphy, commented, “We are delighted by this support from new and existing shareholders in challenging times. These funds will allow us to further advance the very encouraging work we completed on our Ntambu and Dongwe licences in the 2021 field season. It will also fund the work necessary for Zamare to list on the stockmarket in London this year. I would like to thank SP Angel for their support in this raise.”
Zamare currently has five 100% owned Licences in Zambia totalling 1,121 km²:
- Ntambu (204 km²). The licence is contiguous with and along trend from First Quantum’s Enterprise nickel and Sentinel copper mines and along the same basement high as ARC Minerals, who have reported exciting results. Zamare has signed a Technical Cooperation Agreement with First Quantum Minerals over Ntambu. In late 2021 Zamare completed 6km of ground AMT geophysical surveys (a widely used electro-magnetic survey techniques to map geological structures at depth) across 3 lines at Ntambu. The lines were planned to test the effectiveness of AMT for imaging through Kalahari cover. Results show excellent correlation with logged geology and potential drill targets were identified. As a result, AMT lines will be collected across the whole of the Ntambu licence in the current field season;
- Dongwe, (782 km²) consisting of three licences also in the North-West Province, in an area with current artisinal mining and where other companies are drilling for copper now. The Company assayed 15.8% copper and 0.57g/t gold from an artisanal pit on the Dongwe licence in late 2020. In 2021 Zamare completed a 9,173 point, regional soil sampling programme with good results that identified multiple potential drilling targets;
- Murundi (135 km²), located in the prolific Copperbelt and adjacent to the Mufulira Copper mine, one of Zambia’s ‘Big Four’ mines. Zamare has signed an earn-in and joint venture agreement with Rio Tinto on Murundi.
Zamare was established in 2018 to identify, acquire and explore for mineral deposits, especially those minerals required in the growing renewable energy markets, such as copper. It is currently focussed on the Zambian side of the Central African Copperbelt, the world’s largest and highest-grade copper/cobalt province.
Zamare’s strategy is to acquire and de-risk a portfolio of what the Directors believe is highly prospective exploration acreage in Zambia to locate the next generation of copper mines. Other metals are also prospective on the licences, including cobalt, nickel and gold. Zamare’s portfolio of assets includes 5 licences totaling 1,121 km² and covers a range of geographical areas and differing potential mineral styles. Two licences are next to large, producing mines and are relatively under-explored. Other licences are located in regions of discovered mineralisation where other sizeable exploration companies are also carrying our exploration activities.
Please contact the Company for any further information.
Managing Director: Roger Murphy
Contact: r.murphy@zamareminerals.com
Download the full press release (PDF)
This Company Overview contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the mineral potential of the various properties and projects, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this Company Overview, and no assurance can be given that such events will occur in the disclosed time frames or at all. Potential investors should conduct their own investigation as to the suitability of investing in securities of the Company. Mineral exploration carries an extremely high level of risk and investors could lose their whole investment should the exploration not be successful. Financing will be required to fully execute Zamare’s work programme and there is no guarantee that this financing can be secured.
This Company Overview does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
22 March 2022
