9th Apr 2019 14:18
LONDON (Alliance News) - Contango Holdings PLC on Tuesday said it entered into a share purchase agreement with Consolidated Growth Holdings Ltd for the acquisition of its interest in the Lubu coalfield project, located in Zimbabwe.
The company will satisfy the reverse takeover worth GBP6.5 million by issuing 128.8 million shares at a price of 5.00 pence each.
The Lubu coalfield is a potential thermal and coking coal project. Following completion of the acquisition, Contango intends to commence trial mining and carry out bulk samples to determine the viability of full-scale production.
The company expects the acquisition to complete by the end of the second quarter of 2019.
Contango shares are currently suspended pending re-admission to trading following completion of the reverse takeover.
Related Shares:
Contango Hdg