Jangada Mines plc, a natural resources company, is pleased to announce that it has sold an additional 3.875 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$1,162,500.
The proceeds, along with the funds raised in the placing announced on 19 February 2021 and the sale of ValOre shares announced on 24 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 10,625,000 ValOre common shares, representing 8.9 per cent of ValOre’s share capital.
Brian McMaster, Executive Chairman of Jangada, said: “We have again reinforced our treasury position as we prepare Jangada for its next phase of project development to be accelerated with the upcoming revised PEA, which will encompass the expansion and upgrade of the existing mineral resource and completion of new metallurgical tests. As announced on 1 March 2021, we have also recently strengthened of our technical team at the Project, which is a key part of our strategy and will be instrumental in unlocking Pitombeiras’ value.”
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.
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