Alecto Minerals to buy Mowana for P89.7m

Friday, December 23, 2016

New owners: Mowana mine has been sold to Alecto Minerals

British gold miner, Alecto Minerals is to buy Cradle Arc Investments, which holds a 60% stake in the Mowana copper mine in Botswana for about P89.7m (£6.72 million).

The AIM-listed company will pay £1-m in cash and the rest with the issue of 8.79m shares of 0.01p at 0.065p each, that will represent 60% of the issued share capital of Alecto, which in total amounts to about £6.72m.

The proposed acquisition is considered a reverse takeover and so the company’s shares will be suspended on AIM from Wednesday until the deal is approved by shareholders.

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Alecto Minerals to buy Mowana for P89.7m

British gold miner, Alecto Minerals is to buy Cradle Arc Investments, which holds a 60% stake in the Mowana copper mine in Botswana for about P89.7m (£6.72 million).