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Cluff Natural Resources

  • BY: Andrew Hore |
  • POSTED: 08/05/2012 |

Algy Cluff is launching a new resources shell called Cluff Natural Resources.

The shell intends to raise £3.75m at 5p a share and it will be valued at £4.35m.

The investing policy covers oil and gas as well as mining. The focus is underperforming, undervalued or undeveloped assets.

Algy Cluff currently owns 100% of Cluff Natural Resources and his stake will be diluted to 11.5%. Last month, he stepped down from Aim-quoted Cluff Gold. He has previously started Cluff Oil, Cluff Resources and Cluff Mining, now Ridge Mining. Algy Cluff is currently a director of Cluff Geothermal (www.cluffgeothermal.com), which plans to generate electricity from geothermal sources in the UK and east Africa.  The company is currently assessing the best location for a geothermal borehole at Shiremoor, North Tyneside.

Fleming Mercantile Investment Trust will own 5.7% and clients of Guinness Asset Management 6.9%.

The expected admission date is 22 May. Shore Capital is the broker. The website www.cluffnaturalresources.com is not up and running yet.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2012_31.pdf

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