https://www.miningweekly.com

Alecto Minerals’ shares cancelled from trading on Aim

5th July 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – A delay in publishing an admission document regarding its proposed acquisition of the Mowana copper mine, in Botswana, has resulted in trade of Alecto Minerals’ shares on the Aim market being cancelled, the miner said on Wednesday.

The suspension of trade will take effect on July 11.

The company in December last year announced the acquisition of Mowana, which was liquidated over P47-million in debt and sold by business rescue practitioners PwC.

Alecto said it remains determined to proceed with the acquisition and to seek admission to trading for the enlarged group on Aim as a new applicant. 

The miner has already conducted extensive technical, financial and legal due diligence on Mowana and its holding companies, the results of which will be reflected in the admission document.

The Mowana mine returned to production in March and, to date, 4 300 t of copper concentrate has been produced and sold to Mowana’s offtake partner, Fujax Minerals and Energy.

“Should the acquisition note be completed on the expected timetable, we will need to raise additional funds to continue as a going concern,” Alecto said in a statement.

Failing which, the company would be at a significant risk of being forced into an insolvency process.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION