Business
100% disposal of African Tantalum Limited -REPLACE
100% disposal of African Tantalum Limited -REPLACE.
About this update from Kazera Global Plc
[{"type":"text","content":"\n \n \n The following amendment has been made to the \"100% disposal of African Tantalum (Proprietary) Limited'' announcement released on 20/12/22 at 07:00 under RNS No 2427K.\n \n \n \n \n \n In the second bullet point of the highlights section the following has been updated from \"Kazera has been paid in full for both the loan and the share sale expected by [DATE].\" to \"Kazera has been paid in full for both the loan and the share sale expected by the end of 2023.\"\n \n \n \n \n \n All other details remain unchanged.\n \n \n \n \n \n The full amended text is shown below.\n \n \n \n \n \n \n 20 December 2022\n \n \n \n \n Kazera Global plc\n \n \n \n \n (\"Kazera\" or the \"Company\")\n \n \n \n \n 100% disposal of African Tantalum (Proprietary) Limited\n \n \n \n Kazera Global plc (\"Kazera Global\", \"Kazera\" or \"the Company\"), the AIM quoted investment company, is delighted to announce that it has signed a definitive agreement to sell its 100% interest in African Tantalum (Proprietary) Limited (\"Aftan\") to Hebei Xinjian Construction (\"Xinjian\") for cash consideration of USD13,000,000.\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n · \n The agreement comprises the sale of all the shares and associated loans in Aftan for cash consideration of USD13,000,000. Kazera will retain the right to receive a debenture payment equivalent to 2.5% of gross sales of produced Lithium & Tantalum for the life of the mine.\n \n \n ·\n Full operational control will pass to Xinjian on the effective transaction date, with 100% ownership of the shares only passing once Kazera has been paid in full for both the loan and the share sale expected by the end of 2023.\n \n \n ·\n This transaction represents the first successful realization of returns on a strategic investment made by Kazera. The strategic exit will allow Kazera to invest in its other projects, principally the exciting Heavy Mineral Sands opportunity in South Africa, without the need for additional capital raising.\n \n \n ·\n Management attention will now be freed up to focus on further strategic investment opportunities.\n \n \n ·\n Heavy Mineral Sands operation now in production with 2022 targets already comfortably met.\n \n \n \n \n \n \n \n This transaction supersedes the transaction announced on 20 July ...