African Eagle cautiously optimistic of a ‘brighter future’ – MD
JOHANNESBURG (miningweekly.com) – Following the disposal of 90% of African Eagle Resources’ Tanzanian assets, the Aim- and AltX-listed firm voiced cautious optimism of a brighter future as an investment-focused group.
African Eagle Resources sold the bulk of its assets to Blackdown Resources for $100 000, retaining a 10% stake in the Cienega S.a.r.l subsidiary, as it transitioned from a resource development company to an investment firm, with focus on the natural resources, infrastructure and services sectors.
But, interim MD Robert McLearon warned that: “There can be no guarantee, however, that any new investment opportunities, if identified and executed, will be successful.”
The group, which failed to secure a partner for the embattled Dutwa nickel project, had successfully reduced costs at the corporate level and maintained two-months working capital with the proceeds from the sale of the Tanzanian assets.
“Efforts to improve the working capital balance are being progressed and potential sources of funds include, but are not limited to, the sale of assets, a loan, a placing of shares or a combination of some or all of these,” he said.
In August, the firm also appointed three new nonexecutive directors, namely Venkat Siva, Paul Colucci and Mark Thompson – all of whom had significant experience in capital raising with a focus on natural resources – after the exit of David Newbold in April, Trevor Moss in June, and Chris Pointon, Don Newport and Ambassador Paul Rupia in August.
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