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Obtala sells portion of Bushveld shareholding

3rd April 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – Aim-listed Obtala Resources will sell a portion of its shareholding in sub-Saharan Africa-focused mining company Bushveld Minerals to Endulwini Mining for £13-million.

Endulwini would acquire 100-million shares in Bushveld Minerals at 13p a share.

The transaction was expected to be concluded within 45 days, but remained subject to approval by Obtala’s shareholders, as well as to Endulwini receiving exchange control approval and approval from its undisclosed funding partner.

Obtala, which acquired a 50% stake in Bushveld Minerals in 2011, would retain 30.5-million shares, or a 10.75% interest, in the company.

Bushveld Minerals held interests in iron-ore and tin projects in Southern Africa.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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