Contango Holdings Plc, the London listed natural resource development company, advises that it has authorised certain share transfers by Consolidated Growth Holdings Limited ( CGH ) that are governed by a lock-up agreement to key management and consultants at CGH.
The CGH team has worked diligently to support the consummation of the acquisition of the Lubu Coal Project by Contango and to support the board of Contango since readmission to trading on 18 June 2020. In this context, the board of Contango believes that the interests of the senior team at CGH should be aligned with those of the board of Contango (who are heavily incentivised by their respective interests in the Company). Therefore, Contango and Brandon Hill Capital have authorised CGH to transfer 11,500,000 ordinary shares ( Transfer Shares ) to key management and consultants at CGH. The Transfer Shares will remain subject to the lock-up until June 2021.
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The Company is pleased to provide a brief update on operations at its Lubu Coking Coal Project ( Lubu ) in Zimbabwe and the Garalo Gold Project ( Garalo ) in Mali.
The Binga Camp, the base of operations for the first phase of development of Lubu, has been successfully rehabilitated over the last month, including upgrades to access.
The Company can advise it consequently expects to be able to open the pit next month. This will be a material event for Contango, helping finalise ongoing offtake discussions for coking coal. In addition, several multi-national companies have requested significant bulk samples, which will also provide short-term revenue to the Company, to enable them to assess the viability of constructing coke plants at Lubu. The manufacture of coke at Lubu would command a significantly higher price than the Company s coking coal, which is already considered to be highly economic.
Project Level Funding Proposal for Major Exploration Campaign,
& Gold Portfolio Update
Kodal Minerals, the mineral exploration and development company focused on its Bougouni Lithium Project in southern Mali (the Bougouni Project or the Bougouni Lithium Project ) is pleased to announce the acquisition of the Fatou Gold Project in southern Mali ( Fatou or the Fatou Project ) (the Acquisition ). Fatou already has a historical compliant NI 43-101 Resource of over 350,000oz which is expected to increase based on a funded 9-month drilling programme.
In conjunction with the Acquisition, Kodal Minerals has received a subsidiary-level project funding proposal from AIM-quoted Riverfort Global Opportunities PLC and Riverfort Global Opportunities PCC (together, the Investors ) to provide up to US$2,500,000 to fund part of the Acquisition, implement a major exploration campaign at Fatou and fund exploration at the Company s additional gold projects in Mali and Côte d I