RTO2 Oct 2017 21:25
African Potash announces that, on 11 April 2017, the Company signed a Letter of Intent ('LOI') in connection with the proposed acquisition by the Company of Onshore Energy Limited ('OEL'), a private investment company that invests in unquoted companies (the 'Acquisition').
If completed, the Acquisition would constitute a Reverse Takeover under the NEX Exchange Growth Market Rules for Issuers, requiring, amongst other things, approval by the Company's shareholders. The Acquisition would also constitute a related party transaction as Chris Cleverly, Executive Chairman, of the Company is also a director and shareholder of OEL.