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African Energy Resources Limited Announces Satisfaction of Final Condition Precedent to Acquisition of Mmamantswe Coal Project from Aviva Corporation Ltd; Sentient to Increase to 17.4% in Company


Tuesday, 9 Jul 2013 08:00pm EDT 

African Energy Resources Limited announced that it has been informed by Aviva Corporation Ltd that Aviva's s shareholders have voted in favor of selling the 1.3 billion tonne Mmamantswe Coal Project to African Energy for a cash consideration of AUD 3.5 million. This satisfies the final condition precedent to the Mmamantswe project acquisition by African Energy. The Sentient Executive GP IV, Limited, acting for Sentient Global Resources Fund IV, L.P. (Sentient) will subscribe for a further AUD 3.5 million of African Energy shares at AUD 12c per share. Sentient will also receive an additional 3,541,667 shares in African Energy as a Placement Fee on its entire AUD 8.5 million investment (comprising the first tranche investment of AUD 5 million in May plus this second tranche of AUD 3.5 million). On completion of these transactions, African Energy will have secured the full rights to 3.8 billion tonnes of coal in Botswana, and maintained its working capital at approximately AUD 6 million. At conclusion, Sentient will own approximately 17.4% of the issued shares in African Energy. 

Company Quote

0.058
-0.0030 -4.92%
19 Dec 2014