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African Eagle shareholders approve disposal plan

Published: 12:45 22 Jul 2013 EDT

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African Eagle Resources (LON:AFE) shareholders approved on Monday the plan to sell “substantially all of its subsidiaries, assets and liabilities” to Blackdown Resources.

Blackdown Resources is a subsidiary of Cienega, controlled by Clarke and his family trust.

African Eagle said it was now in discussions with the Tanzanian mining licence authority and is confident it will get the necessary approval to make the sale complete.

As reported previously, African Eagle will retain a 10% free carried interest in Blackdown and the firm will then become an investment company.

When the disposal is completed, the firm expects to have net cash of around £205,000, which the directors believe gives it enough working capital for the next two months, it added.


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