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Zambezi Resources Ltd

  • BY: Andrew Hore |
  • POSTED: 03/11/2008 |

Zambezi Resources Ltd shares have been suspended on 3 November due to its shortage of cash.

At the suspension price of 1.25p each, Zambezi is valued at £2.47m.

Trading in the shares on the ASX had been suspended on 31 October.

Zambezi sold its shareholding in Lithic Metals and Energy Ltd for £133,000 on 28 October. This equates to 0.5p a share. Lithic’s share price is currently 2.75p and it has not fallen below 2.25p.

A cash flow report showed cash of £881,000 at the end of the quarter to September 2008. A non-renounceable rights issue at 6p a share during that quarter raised less than £300,000, compared with the £2m Zambezi was seeking.

Management says the cash position has deteriorated since then. They are talking with the company’s creditors. 

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