Contango Holdings PLC Acquisition Update and Extension to SPA -Amendment (8987X)
24 December 2019 - 4:24AM
UK Regulatory
TIDMCGO
RNS Number : 8987X
Contango Holdings PLC
23 December 2019
The following amendment has been made to the 'Acquisition Update
and Extension to SPA' announcement released on 23 December 2019 at
16.34am under RNS No. 8920X.
The previous version of the announcement incorrectly stated that
"The Company has advanced a further US$63,314,000 to CGH during
December in order to continue the work programme at the Lubu
Coalfield." The Company in fact only advanced a further US$63,314
to CGH.
This sentence should have read "The Company has advanced a
further US$63,314 to CGH during December in order to continue the
work programme at the Lubu Coalfield."
All other details remain unchanged, and the full amended text of
the announcement is set out below.
Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural
Resources
23 December 2019
Contango Holdings Plc
('Contango' or the 'Company')
Acquisition Update & Extension to SPA
Contango Holdings Plc ('Contango' or the 'Company') is pleased
to provide an update to shareholders regarding its proposed
acquisition of the Lubu Coalfield project in Zimbabwe ('Lubu
Coalfield') from Consolidated Growth Holdings Limited ('CGH').
The Company has advanced a further US$63,314 to CGH during
December in order to continue the work programme at the Lubu
Coalfield. Contango has now advanced a total of $356,314 to CGH
since May 2019 to advance the Lubu asset. The funds have been
principally deployed on drilling holes and their subsequent assay,
to determine the coal product characteristics for the purposes of
marketing the coals to potential buyers in anticipation of
commencing mining and production from H2 2020.
The Company and CGH have mutually agreed an extension to the
Share Purchase Agreement entered into with CGH, whereby in the
event the transaction does not unconditionally complete by, at the
latest, 24 December 2020, all funds advanced by Contango to CGH are
to be returned.
However, the Company now expects to be in a position to close
the re-listing process and complete the capital raise (as
previously announced) in January 2020, following the festive
period, subject to all resolutions being passed at a General
Meeting to be convened.
* ENDS *
For further information, please visit
www.contango-holdings-plc.co.uk or contact:
Contango Holdings plc E: info@contango-holdings-plc.co.uk
Brandon Hill Capital Limited T: +44 (0)20 3463 5000
Financial Adviser & Broker
Jonathan Evans
St Brides Partners Ltd T: +44 (0)20 7236 1177
Financial PR & Investor Relations
Catherine Leftley/Cosima Akerman
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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