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
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020