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Alecto Minerals signs deal to buy AME West Africa

Thu, 22nd Aug 2013 10:02

Alecto Minerals has signed an agreement with African Mining & Exploration to acquire its subsidiary AME West Africa.Alecto has secured £600,000 of funding through a £250,000 placing and issue of convertible loan from AME and an Alecto cornerstone investor, Tamimi Investments and Mining Co.AME West Africa owns, through its wholly owned subsidiary Caracal Gold Mali SARL, the Kossanto gold project in south-west Mali which has a Joint Ore Reserves Committee (JORC) inferred resource of 107,000 ounces of gold.AME's in-country exploration team will help advance the project and Alecto intends to appoint Mark Jones, currently Chief Executive Officer (CEO) of AME, as CEO of Alecto upon completion of the acquisition.Consideration for the acquisition was satisfied through the issue of more than 108m Alecto shares priced at 1.15p with an aggregate value of £1.25m. Further deferred payments will be made, dependent on progress on proving up the resources."This is a transformational acquisition for Alecto which delivers new advanced West African gold exploration assets, drilling equipment and management expertise to the company," said Alecto Chairman, Michael Johnson. "Alecto now has an excellent portfolio across three countries and in the coming months will seek to finalise its heads of terms with Centamin plc regarding the Ethiopian gold project, which is progressing well. With this in mind, we look forward to updating shareholders in due course as we successfully build Alecto's profile as a multi-commodity exploration and development company in Africa."Shares rose 2.22% to 1.15p at 10:13 on Thursday.RD
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17 Jan 2014 12:10

Alecto Minerals raises funds for Kossanto Gold Project

Alecto Minerals, an AIM-listed explorer focused on Africa, placed one million shares at 1.5p each to raise funds for the development it its flagship Kossanto Gold Project in Western Mali. The placing raised £1.5m before expenses, part of which will be used for general working capital purposes. At

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17 Jan 2014 10:55

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LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Friday.

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FTSE 100 - WINNERS

Aviva, up 1.5%. The insurer has revealed that it has entered into a 50-50

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17 Jan 2014 09:22

Alecto Minerals Raises Another GBP1.5 Million To Fund Kossanto Work

LONDON (Alliance News) - Alecto Minerals PLC Friday said it had raised GBP1.5 million before expenses through a placing of 100 million new shares to fund the advancement of its main Kossanto Gold Project in Western Mali. In a statement, the AIM-listed mine exploration company said drilling

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17 Jan 2014 08:13

UK MORNING BRIEFING: Shares Open Higher Despite Shell Warning

LONDON (Alliance News) - UK shares have opened higher Friday despite negative news from two FTSE 100 companies, Royal Dutch Shell and Shire.

The oil major issued a profit warning, and the pharmaceutical firm said it will book a loss on the sale of

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25 Nov 2013 11:06

Alecto Minerals Preparing Exploratory Drilling Campaign At Kossanto

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14 Nov 2013 16:20

Alecto Finds New Gold Bearing Area At Kossanto Gold Project In Mali

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7 Nov 2013 10:43

Alecto Raises Cash And Enters Equity Swap Agreement, Shares Fall 13%

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8 Oct 2013 08:13

Alecto Find High Grade Mineralisation At Kossanto Gold Project

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4 Oct 2013 15:36

Alecto Minerals completes acquisition of AME West Africa

Shares in Alecto Minerals rose after the African focused miner said it completed the acquisition of AME West Africa from Savannah Resources. Alecto will gain assets in East and West Africa including three gold projects in Mali such as the Koosanto project which has a current inferred resource of 10

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3 Oct 2013 11:39

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2 Oct 2013 14:33

Alecto Minerals Appoints African Mining's Jones As New Chief Executive

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23 Sep 2013 12:39

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