IFC subscription agreement signed
(Thomson Reuters ONE) -
1 January 2012
African Eagle Resources plc
IFC SUBSCRIPTION AGREEMENT SIGNED
Further to the announcement of 9 November 2011, African Eagle Resources plc
("African Eagle" or "the Company"; (AIM: AFE; AltX: AEA) is pleased to announce
that, subsequent to the requisite disclosure period and other conditions
precedent, the IFC, a member of the World Bank Group, and the Company have
signed a subscription agreement (the "Agreement") confirming the subscription by
IFC for a 10% equity share in the Company through an investment of approximately
US$5 million (£3.1 million), primarily to finance the evaluation of the
Company's Dutwa Nickel Project.
The Agreement reflects the terms previously announced and will result in an IFC
investment of £3.095m in African Eagle Resources. The funds are expected to be
disbursed by the IFC in January 2012 once the Company has satisfied certain
standard conditions precedent under the Agreement. The funds will primarily
contribute to the bankable feasibility study of the Company's Dutwa Nickel
Project, which is already underway and is scheduled for completion around the
end of 2012.
African Eagle has agreed publicly to disclose any material payments to the
Tanzanian Government, as per IFC's requirements.
Trevor Moss, African Eagle CEO commented: "We are pleased to have secured the
IFC's investment through the signature of the final form subscription agreement
and are working hard to satisfy the final outstanding conditions so that funds
can be disbursed in January whilst progressing with our bankable feasibility
study for Dutwa"
IFC's Head of Mining, Tom Butler, commented: "IFC is pleased to have signed an
equity agreement with African Eagle Resources to support the company's Dutwa
nickel project in Tanzania, which has the potential to become a major African
nickel producer should the current feasibility study work continue to be
successful. We look forward to helping African Eagle Resources implement
environmental and social best practices for its mining activities."
For further information please see the Company's web site at
www.africaneagle.co.uk or contact one of the following:
African Eagle Resources plc
Trevor Moss (CEO) + 1 925 577 1078
Mark Parker (Director) + 44 207 248 6059
Euan Worthington (Chairman) + 44 775 386 2097
Canaccord Genuity Limited
Rob Collins + 44 207 050 6500
Andrew Chubb
Ocean Equities Limited
Guy Wilkes +44 20 7786 4370
Russell & Associates, Johannesburg
Charmane Russell + 27 11 880 3924
Marion Brower
ABOUT IFC
IFC, a member of the World Bank Group, is the largest global development finance
institution focused on private sector development in frontier and emerging
markets. IFC provides financing to help businesses develop sustainable projects,
thereby helping to reduce poverty by creating employment opportunities,
supplying essential services, facilitating broader local supply chains and
increasing government revenues. IFC aims to increase the amount of seed
financing it provides to exploration-stage companies through its early equity
mining program, as well as providing support to mid-tier mining companies by
participating in project and corporate financing partnerships that will support
mining development and expansion. IFC will continue to work with mining majors
to develop large projects with the potential to transform national and / or
regional economies. IFC's global mining portfolio spans 37 countries, of which
17 are in Africa, and totals more than US$400 million. IFC is also expanding its
work in Advisory Services for the mining sector, by providing supply chain SME
(Small and Medium Enterprise) capacity building, supporting community engagement
so that local communities can benefit more from mining activities, and new
programs to help the industry to use resources more efficiently with less impact
on the environment. For more information, visit www.ifc.org.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: African Eagle Resources PLC via Thomson Reuters ONE
[HUG#1574895]
Unternehmensinformation / Kurzprofil:
Datum: 04.01.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 100841
Anzahl Zeichen: 5021
contact information:
Town:
London,
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 142 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"IFC subscription agreement signed"
steht unter der journalistisch-redaktionellen Verantwortung von
African Eagle Resources PLC (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
