Business
Acquisition Update and Extension to SPA -Amendment
Acquisition Update and Extension to SPA -Amendment.
About this update from Contango Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 8987X Contango Holdings PLC 23 December 2019 \n\nThe following amendment has been made to the 'Acquisition Update and Extension to SPA' announcement released on 23 December 2019 at 16.34am under RNS No. 8920X.\n \nThe previous version of the announcement incorrectly stated that \"The Company has advanced a further US$63,314,000 to CGH during December in order to continue the work programme at the Lubu Coalfield.\" The Company in fact only advanced a further US$63,314 to CGH.\n \nThis sentence should have read \"The Company has advanced a further US$63,314 to CGH during December in order to continue the work programme at the Lubu Coalfield.\"\n \nAll other details remain unchanged, and the full amended text of the announcement is set out below.\n \nContango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources\n \n23 December 2019\nContango Holdings Plc\n('Contango' or the 'Company')\nAcquisition Update & Extension to SPA\n \nContango Holdings Plc ('Contango' or the 'Company') is pleased to provide an update to shareholders regarding its proposed acquisition of the Lubu Coalfield project in Zimbabwe ('Lubu Coalfield') from Consolidated Growth Holdings Limited ('CGH').\n \nThe Company has advanced a further US$63,314 to CGH during December in order to continue the work programme at the Lubu Coalfield. Contango has now advanced a total of $356,314 to CGH since May 2019 to advance the Lubu asset. The funds have been principally deployed on drilling holes and their subsequent assay, to determine the coal product characteristics for the purposes of marketing the coals to potential buyers in anticipation of commencing mining and production from H2 2020.\n \nThe Company and CGH have mutually agreed an extension to the Share Purchase Agreement entered into with CGH, whereby in the event the transaction does not unconditionally complete by, at the latest, 24 December 2020, all funds advanced by Contango to CGH are to be returned. \n \nHowever, the Company now expects to be in a position to close the re-listing process and complete the capital raise (as previously announced) in January 2020, following the festive period, subject to all resolutions being passed at a General Meeting to be convened. \n \n* ENDS *\n \nFor further info...