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(Alliance News) - Blencowe Resources PLC on Friday posted a loss first half narrowed as it continued to make progress on the acquisition of a mineral projects operator.
The company, which is aiming to become a resources investor, reported a pretax loss of GBP82,837 for the six months to the end of March, sharply narrowed from GBP144,014 loss a year before.
Blencowe floated on the London Stock Exchange in mid-April, after raising GBP800,000 in its initial public offering.
In the first half, Blencowe identified a potential acquisition target, being Consolidated African Resources Uganda Ltd, which it intends to buy for GBP2.0 million. The price is expected to be satisfied through the issue of 33.3 million shares at a price of 6p each.
The acquisition remains subject to due diligence, completion of the acquisition documentation, completion of the fundraising and re-listing of the enlarged group on the London Stock Exchange, Blencowe noted.
Blencowe shares on the London Stock Exchange are currently suspended.