TORONTO, June 03, 2024 (GLOBE NEWSWIRE) -- African Rainbow Minerals Limited (JSE: ARI) (A2X: ARI) (ARM) announces that it has purchased 41,373,414 common shares (Surge Shares) in the capital of Surge Copper Corp. (Surge) pursuant to a non-brokered private placement at a price of C$0.095 per share for total consideration of approximately C$3,930,474.33 (the Private Placement).
Immediately prior to the Private Placement, ARM held no Surge Shares or other securities of Surge. Upon closing of the Private Placement, ARM owns 41,373,414 Surge Shares (the Purchased Shares), representing approximately 15.0% of the issued and outstanding Surge Shares on a non-diluted basis.
ARM acquired 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.
An early warning report will be filed by ARM in accordance with applicable securities laws.
About ARM
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.
For further information, or to obtain a copy of the early warning report filed by ARM in accordance with applicable securities laws, please contact:
| Name: Thabang Thlaku Executive: Investor Relations and New Business DevelopmentEmail: thabang.thlaku@arm.co.zaTelephone: +27 11 779 1300 |