23rd Dec 2019 17:35
(Alliance News) - Contango Holdings PLC said Monday it has provided a further USD63,314 to Consolidated Growth Holdings Ltd to progress its work at the Lubu coalfield project in Zimbabwe, which Contango is in the process of acquiring.
Contango has now paid a total of USD356,314 to Consolidated Growth since May 2019 to advance the Lubu asset.
In April, Contango agreed a GBP6.5 million all-share deal to buy the Lubu thermal and coking coalfield project in Zimbabwe from Consolidated Growth. The deal had originally been planned to close in the second quarter of 2019.
Contango shares are currently suspended pending re-admission to trading following completion of the reverse takeover.
By Arvind Bhunjun; [email protected]
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