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Arc Minerals Strengthens Board

Arc Minerals is pleased to announce the appointment of Mr Don Bailey as a director of Arc Minerals effective from 1st June 2018.   Mr Bailey, a former head of mining operations for Rio Tinto in Africa, South America and Europe, spent 30 years with Rio Tinto whereas Joint Global Head of Mining Operations he was responsible for the development of numerous major international projects including the Escondida mine in Chile, the Moro d'Oro mine in Brazil and the Neves Corvo mine in Portugal.  He was also a director of a number of Rio Tinto international companies including Palabora Mining and Rossing Uranium in Africa.

Subsequent to his time with Rio Tinto, Don was a founder member, CEO and Chairman of LionOre Mining International Ltd ("LionOre") which developed from a startup into a mid-tier mining company and was ultimately acquired  by Norilsk Nickel in June 2007 which generated a significant return to LionOre shareholders.

Don's primary responsibility will be to lead the development of Zamsort's commercial scale demonstration plant processing copper and cobalt as well as to help drive the strategy with regard to developing Zamsort into a world class copper/cobalt opportunity.


Nick von Schirnding, Executive Chairman of Arc Minerals commented :

"Don Bailey brings a wealth of knowledge and experience to the ARC Board both in the corporate and operational arenas with more than 50 years in the industry.  Since late last year I have been working closely with Don and I have been greatly impressed by his drive and energy.  I am delighted to strengthen our team with Don's arrival and look forward to reporting back to shareholders with further progress going forward."


Don Bailey commented: 

"I am very pleased to be joining the board of Arc Minerals as they deliver on what is a major transformation of the Company.  My starting point when I joined LionOre is in many respects similar to where Arc Minerals stands today and I look forward to working closely with Nick and his team to take the company to the next level."


As at the day of this announcement, Don Bailey holds a beneficial interest in 7,448,229 ordinary shares in Arc Minerals, representing approximately 1.38% of the Company's issued share capital. 

Donald Charles Bailey, aged 82, currently holds or has held the following directorships and partnerships in the last five years:

Current Directorships

Past Directorships


Cleveland Mining Company Limited


Afrigold Resources Limited


Other than as provided in this announcement, no other disclosures in relation to Mr Bailey are required under Rule 17 and schedule 2 (g) of the AIM Rules for Companies.


Grant of Share Options to Directors and PDMRs ("Persons Discharging Managerial Responsibilities")

The Company further announces that it has agreed to issue options over a total of 12.9m new ordinary shares of no par value ("Ordinary Shares") of the Company ("Share Options") which have an exercise price of 4.5 pence per Ordinary Share, which represent an approximate 34% premium over the closing mid-market price of Ordinary Shares on 29 May 2018. The Share Options expire on 31 May 2023 and are subject to a variety of stretched operating targets.


Details of the Share Options granted to Directors and senior management are set out below:









Number of Share Options granted

Number of Ordinary Shares subject to share options


Nick von Schirnding




Jonathan de Thierry




Brian McMaster

Non-executive Director



Vassilios Carellas




Chuck Forrest










Following the above grant, there are a total of 32,148,710 share options granted over unissued Ordinary Shares granted to Directors and employees of the Company, representing approximately 5.96% of the Company's current issued Ordinary Share capital of 539,040,600 Ordinary Shares. 

Nick von Schirnding, Jonathan de Thierry and Brian McMaster are directors of Arc Minerals and are therefore regarded as related parties as defined by the AIM Rules for Companies (the "AIM Rules"). The grant of Share Options to each of the directors of Arc Minerals is classified as a related party transaction for the purposes of Rule 13 of the AIM Rules. Accordingly, Mr Mike Foster, being the only independent director, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.


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