Cash shell African Potash Ltd says that a deal to buy 70% of a potash project in Congo is back on.
African Potash is acquiring a 70% interest in La Societe des Potasses et des Mines S.A. (SPM), which holds the exclusive right to conduct mining research activities for potash salts over the Lake Dinga project in the Republic of Congo. The project has been granted formal rights for mineral exploration.
The original deal to buy this asset was announced one year ago. The purchase price was going to be up to $15m - $12m in shares at 10p each and $3m in cash.
At 3.38p a share, up 0.38p, African Potash is valued at £6.76m.
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