Firering Strategic Minerals: From explorer to producer. Watch the video here.
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TIDMAFE 30 August 2013 African Eagle Resources Plc ("African Eagle" or the "Company") Elephant Copper African Eagle notes an announcement made on 29 August 2013 by RTG Mining Inc. (TSX:RTG), regarding Elephant Copper Ltd. ("Elephant Copper"). As announced in the circular sent to shareholders on 5 July 2013, African Eagle remains interested in 9,050,000 shares in Elephant Copper, representing approximately 14.4% of the issued share capital. The full announcement made by RTG Mining Inc. is set out below: "SALE OF INTEREST IN MKUSHI COPPER JOINT VENTURE FOR US$13.1M 29 AUGUST 2013 RTG Mining Inc. (TSX:RTG) (RTG) is pleased to announce an agreement has been entered into for the sale of RTG's 51% interest in the Mkushi Copper Project in Zambia for US$13.1m (Transaction). The sale to our joint venture partner, Elephant Copper Ltd. (Elephant Copper), is subject to conditions precedent, with completion expected in mid September 2013. The purchase price of US$13.1m will be satisfied by the issue of US$6.6m in new fully paid ordinary shares in Elephant Copper and a US$6.5m unsecured redeemable convertible note (Convertible Note). The Convertible Note will be repayable on or before 1 January 2015, unless converted earlier, and will have an exercise price for conversion equal to the lesser of US$0.45 and 1.36 times the IPO Price (as defined in the agreement). Elephant Copper is in the process of completing a "go public event" (IPO) through a transaction that would, after obtaining regulatory approval, be the qualifying transaction for Credent Capital Corp. If Elephant Copper enters into an "alternative transaction" (a sale of 20% or more of the shares or assets in Elephant Copper or similar transaction) both parties have rights to convert the US$6.6m share issue into a cash payment and Elephant Copper is entitled to redeem the Convertible Note early. Elephant Copper has also agreed to repay on or before 1 January 2014, certain debts owing to RTG, which are currently in the order of US$1.35m. ABOUT RTG MINING INC. RTG Mining Inc. is listed on the main board of the TSX and is a mining exploration company focused on identifying new gold development and operating acquisition opportunities. RTG is now run by the previous management team of CGA Mining Limited, which successfully merged with B2Gold Inc. in a US$1.1bn scheme of arrangement in January 2013. RTG also holds a 51% interest in the Segilola Gold Project in Nigeria (in dispute), the largest undeveloped gold resource identified in Nigeria and holds a 51% interest in the Mkushi Copper Project in Zambia, the subject of this announcement. At the Segilola Gold Project, Ratel Group has identified an indicated resource of 520,000 ounces of gold contained in 3,658,000 tonnes at a grade of 4.4g/t and an inferred resource of 97,600 ounces of gold contained in 790,200 tonnes at a grade of 3.8g/t in accordance with NI 43-101. NATIONAL INSTRUMENT 43-101 COMPLIANC
and if in fact EC float for a large amount that would be the first part of AFE's "new directions" they talked about ensuring life extension past the running out of capital next month perhaps with fund raising then possible from that backing..and with the MP/NC/Coburg/Dutwa situation given further time to find a dealmaker.GL
all systems go
amazed at that,Mkushi was once one of AFE's stars of course in fact was called the company maker back about 2006 lol.They might now be a kind of AFE-2 that never was..
Talking about Elephant Copper may be worth $100m on IPO and also that African Eagles NSR is also worth a lot of money
They recently bought the 51`% share of RTG Mining OF Mkushi Copper Project in Zambia for US$13.1m recently.
you say Elephant Copper is a big company that may be potentially so ,however in the only one ref. on Bloomberg words changed slightly for (c) it says it is a private company from the Br. Virgin Islands- not any key executives recorded, and they were incorporated in 2012 no transactions in last 12 months...Anyway GL here.
Elephant Copper LTD will complete its IPO Debut and AFE has 9 million shares of this. LOOKS GOOD HERE.
Just started to look at this one and my gut feeling is that historic values will return. Good mid term investment should be over the 1p mark in short space of time
Late trade just gone through.
Chart is looking strong but does anybody know what Broker target price is ?
AFE has rather more in the ground than REM. they are not really comparable! The market cap here is dazzlingly low. At 5p there was general anticipation we'd be a multibagger and apart from China not a lots changed. Fill your boots.
This link may explain why this is on the move http://www.newswire.ca/en/story/1216833/sale-of-interest-in-mkushi-copper-joint-venture-for-us-13-1m
The good thing about this company is that it has 9 million shares in Elephant Copper Ltd which is a big company and already in the process of completing IPO. AFE shares here worth millions of dollar .
We have a shed load of Nickel and people want it now?? Is that why the £300, 000 was invested?
Google Finance showing 80% up on the day. https://www.google.co.uk/finance?q=LON%3AAFE&ei=sGofUqCGMsWIwAOZ_QE
lol
Back to school for you. I think you mean .5p not 5p!
5p here we come to see you again
25 Mill traded! 60%UP !
This could be the reason : http://resourceinvestingnews.com/60401-upcoming-indonesian-nickel-ore-ban-may-boost-prices.html and we are sat a loads of Nickel ! Metal