Aviva shareholders approve Botswana coal disposal
JOHANNESBURG (miningweekly.com) – African Energy has completed the acquisition of the 1.3-billion-tonne Mmamantswe coal project, as the shareholders of Aviva voted in favour of letting the Botswana project go for A$3.5-million.
Aviva shareholder approval was the final condition precedent to the transaction, which was announced in April.
Private equity firm Sentient Global Resources would now subscribe for a further A$3.5-million of African energy shares at A$0.12 apiece. It would also receive an additional 3.54-million shares in the company as a placement fee on its entire A$8.5-million investment.
African Energy, in which Sentient Global Resources will own 17.4%, has now secured the full rights to 3.8-billion tonnes of coal in Botswana.
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