31st May 2019 17:12
LONDON (Alliance News) - Contango Holdings PLC on Friday said it made "significant progress" on its acquisition of the Lubu coalfield project in Zimbabwe from Consolidated Growth Holdings Ltd.
The company added that it now expects to be in a position to issue a prospectus regarding the acquisition in the current quarter.
Furthermore, "as a sign of its increasing expectation of a successful close to the transaction", Contango agreed to pay USD120,000 to GCH to continued progress at the Lubu coalfield.
If the acquisition does not complete by December 24, GCH will have to repay the sum to the company, potentially with interests.
Contango shares are currently suspended.
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