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Armadale Capital Plc Enters Into Agreements To Acquire Netcom Global Inc


Friday, 15 Nov 2013 02:01am EST 

Armadale Capital Plc announced that it has entered into agreements to acquire the remaining Netcom Global Inc (Netcom) share capital not already held by Armadale, thereby gaining the right to an 80% interest in the prospective, low-cost, Mpokoto Gold Project in the Katanga Province in the south of the Democratic Republic of Congo (Mpokoto or the Project). Following its previous investment of, in aggregate, USD255,000, Armadale currently owns 22% of Netcom and will acquire the remaining 78% of the share capital of Netcom, which holds the rights to an 80% interest in the Mpokoto Project, in two transactions: Pursuant to the option announced on August 21, 2013, the acquisition of 68% of Netcom for an aggregate consideration of 700 million ordinary shares in the capital of Armadale (Ordinary Shares), to be issued in two tranches(the Initial Acquisition):350 million Ordinary Shares to be issued at completion (Initial Consideration Shares); and a further 350 million Ordinary Shares upon the grant of Exploitation Licences for the Mpokoto Project to the Company (anticipated by the end of June 2014) (the Further Consideration Shares). The acquisition of a further 10% interest from New Talisman Mines Limited (NTL) (together with a loan note of USD250,000 in Netcom) for an issue of 93 million Ordinary Shares at completion (NTL Shares) (Minority Acquisition) 

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