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(Alliance News) - Blencowe Resources PLC on Thursday reported a widened loss for its financial year on higher expenses, as it continues to progress with its acquisition of Consolidated African Resources Uganda Ltd, the holder of the Orom graphite project in northern Uganda.
For the year to the end of September, the natural resources-focused investment vehicle reported a pretax loss of GBP243,119, widened from GBP163,520 the year before, as administrative fees and other expenses rose.
In October, Blencowe announced an agreement to buy Consolidated African Resources Uganda off Consolidated Africa Ltd via a reverse takeover.
Blencowe will acquire CARU for GBP2 million, the funds to be raised via a placing of 33.3 million new shares at 6.0 pence each.
The acquisition remains subject to the fundraising taking place, the enlarged group being re-listed on the London Main Market, and shareholder approval.
Shares in Blencowe are currently suspended in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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