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Provider: Reuters Investment Profile
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African Eagle Resources PLC Announces Proposed Disposal

Tuesday, 2 Jul 2013 02:00am EDT 

African Eagle Resources PLC announced that it has agreed to sell substantially all of its subsidiaries, assets and liabilities to Blackdown Resources (UK) Limited, a subsidiary of Cienega S.a.r.l, which is ultimately owned by Nick Clarke and his family trusts. Under the terms of the Disposal, the Company will retain a shareholding of 10% of the issued share capital of Blackdown Minerals. Under the terms of the SPA, the Company has agreed to sell 90% of the issued share capital of Blackdown Minerals to the Purchaser, for a total cash consideration of USD100,000. Completion of the Disposal is subject to two conditions; approval of the Disposal by the Shareholders; and written consent to the Disposal from the relevant mining licensing authority in Tanzania (a requirement under Tanzanian law). The Directors intend to use the USD100,000 cash consideration received by it for general working capital purposes, including, inter alia, to fund the expenses that it has incurred in executing the Disposal. 

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