African Rainbow Minerals Limited·Basic Materials

TORONTO, March 31, 2026 (GLOBE NEWSWIRE) -- African Rainbow Minerals Limited (JSE: ARI) (A2X: ARI) (“ARM”) announces that it has signed a subscription agreement (the “Subscription Agreement”) pursuant to which ARM agreed to purchase 7,960,000 units (“Units”) of Surge Copper Corp. (“Surge”) at a price of C$0.50 per Unit for total consideration of C$3,980,000 pursuant to a non-brokered private placement (the “Private Placement”). Each Unit consists of one common share (a “Common Share”) and one Common Share purchase warrant (a “Warrant”) of Surge. Each Warrant entitles the holder to purchase one additional Common Share at a price of C$1.00 per share for a period of three years from the date of issuance (subject to acceleration). The Warrants will be subject to an acceleration provision whereby, if at any time following the closing of the Private Placement the Common Shares trade at a volume-weighted average price of C$1.50 per share or greater on the TSX Venture Exchange for a period of 20 consecutive trading days, Surge may provide written notice to ARM (the “Acceleration Notice”) that the expiry date to provide notice of intention to exercise the Warrants, subject to receiving the required regulatory approvals, will be accelerated to the date that is 20 days following the date of such Acceleration Notice.

African Rainbow Minerals Limited (AFBOF) Q2 2026 Earnings Call Transcript

African Rainbow Minerals Limited (AFBOF) Q2 2026 Earnings Call Transcript
African Rainbow Minerals Limited, through its subsidiaries, operates as a diversified mining and minerals company in South Africa and Malaysia. It explores for platinum group metals, nickel, copper, cobalt, coal, iron ore, manganese ore, chrome ore, and ferromanganese, as well as gold. The company was founded in 1933 and is based in Sandton, South Africa.
Basic Materials
Industrial Materials
23,000
2015-05-13
0.72