DAVID LINSLEY The proceeds of the sale of the Botswana assets to Global Exploration Technologies will be used to fund normal working capital
Aim-listed natural resource exploration and development company Pembridge Resources – which was known as China Africa Resources up to April 10 – has
announced that a share purchase agreement has been signed between the company and copper exploration company Global Exploration Technologies (GET) for the sale of its Botswana assets. Besides the company announcements on February 1, Pembridge has sold its 48.8% shareholding for a consideration of £150 000 payable in cash to GET for five exploration licences in the Kalahari Copperbelt, in Botswana, held through three local subsidiary companies.
Pembridge CEO David Linsley says that the proceeds will be used to fund normal working capital.
“Although excellent exploration licences, we feel that these Botswana assets are too early stage for Pembridge and, with the minority shareholding, do not fit in with the company strategy that we are pursuing,” he explains.
Linsley, however, points out that Pembridge has an “attractive pipeline” of more-advanced-stage projects, which the company’s management is pursuing; the company is confident that it can deliver “excellent value” for its shareholders.