11 Apr 2016 10:03
Onzima Ventures PLC
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("Onzima" or the "Company")
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Sale of Investment
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The Company announces that it has disposed of its shareholding of 20,000,000 ordinary shares in MX Oil plc making a net gain of £10,176 or 6.8% on the investment made in March 2016.
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The Company retains 4,000,000 warrants exercisable at 1p per share for a period of 3 years.
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Gavin Burnell, CEO of Onzima, said: "Pursuant to our investing policy our investments are likely to be held for the short to medium term in the case of publicly-traded holdings. We retain our warrant holding in MXO giving us nil cost upside exposure and will utilise the funds received for making new investments and working capital. We have a healthy cash balance and are well-placed to take advantage of new opportunities. N4 Pharma, in which we hold a 49% stake, has made excellent progress since we acquired our position and we expect strong newsflow in the coming weeks.
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"We look forward to updating the market with further news as soon as we are able."
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For further information please contact:
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Onzima Ventures PLC Tel: +44 (0) 1732 366561
Gavin Burnell, Luke Cairns
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Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 207 148 7900
Sandy Jamieson, Liam Murray
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Broker
Peterhouse Corporate Finance Limited Tel: +44 (0) 20 7469 0930
Guy Miller, Lucy Williams