Obtala Resources to sell 100m Bushveld shares

Obtala Resources, a natural resource investment and development company, has agreed to sell 100m of its shares in Bushveld Minerals to Endulwini Mining Corp at 13p each.

Obtala Resources, a natural resource investment and development company, has agreed to sell 100m of its shares in Bushveld Minerals to Endulwini Mining Corp at 13p each.

The £13m sale is expected to be completed within 45 days once certain conditions have been met, including Endulwini receiving exchange control approval and final approval from its funding partner.

Obtala will retain 30.52m shares in Bushveld, equal to 10.75% of the issued share capital.

The proceeds will be escrowed with part of the funds used to grow and develop the agriculture projects in East Africa which is the main strategy of Obtala.

Bushveld generated an operating loss of £1.55m for the half year ended August 31st 2012.

Obtala's share price rose 3.23% to 8.00p by 08:22 Wednesday.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to