LONDON (Thomson Financial) - Baobab Resources Plc. said African Minerals
Limited has taken a stake in the company of 17.56 percent, or 11.425 million
shares.
AIM-listed African Minerals on Tuesday said Baobab, also on AIM, acquired
the shares on the basis of the issue and exchange of one fully-paid share of
$0.01 in African Minerals for every 10 fully-paid shares in Baobab held by the
vendor in an off-market transaction.
African Minerals said Baobob's main assets are the Tete Project, which has
iron-titanium-vanadiaum mineralisation, and the ongoing the Mundonguara Project
with copper-gold-nickel-silver deposit.
African Minerals Executive Chairman Frank Timis said: "Our strategic
investment in Baobab, a company with exploration projects that we believe
demonstrates the potential for significant growth, together with the advancement
of our wholly owned projects provides a solid platform for African Minerals to
unlock further shareholder value."
TFN.newsdesk@thomson.com
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