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Armadale Capital PLC - Africa-focused natural resource projects investor based in London - Agrees to a heads of terms to earn in over 50% in Africo American Inc, the holding company of the Canyon Silver lead, zinc and silver exploration asset based in northern Idaho, US. Announces a GBP650,000 share subscription to begin work on the silver project. Chief Executive Officer Matt Bull says: "The board believes that the Canyon Silver transaction creates a significant opportunity for Armadale in a safe and proven geographic, legislative and perhaps most of all a rich and proven geologic area of North America. Industries using silver, lead and zinc are well known and continuing to grow with exciting demand fundamentals. Concurrently, the silver, lead and zinc producing areas of North America have been in hibernation or shrinking since the early 1980's until now. Today they are turning to growth, with America's focus on local production and refining of these core strategic metals for energy and related technology. In addition, silver is invaluable in solar panels, certain batteries and electronic components and always as an alternative and complimentary money and store of value alongside gold."
Current stock price: 0.73 pence, closed up 1.4%
12-month change: down 53%
By Sabrina Penty, Alliance News reporter
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