25 May 2012

Rescue package for African Copper

09/04/2009 Robert Tyerman

Entrepreneurial Australian mining figure Chris Kyriakou is spearheading a £26 million equity and debt package for Botswana-focused African Copper.

Kyriakou, chairman of AIM-quoted Toledo Mining, heads Natasa Mining, an Aussie- listed mining investment concern that is putting £4.4 million of equity into bombed-out African Copper. Natasa is also providing a £5.5 million loan facility to African, which plans to issue 5.3 million shares to bondholders and certain creditors in exchange for settling £16.1 million of debt that it owes them.

The Natasa loan facility is secured against African Copper’s Mowena mine in Botswana, a promising project snarled by recent falls in the copper price. If the deals go through, Natasa will have 70 per cent of African Copper, bondholders 20 per cent and creditors 3.5 per cent, while existing shareholders will be left with a mere 6.5 per cent.

Floated at 76p five years ago, African Copper shares had collapsed to 0.7p by last February. They have now bounced to 2.12p, valuing the company at £3.1 million.   

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Tags: Deals & contracts, Fundraisings, Penny shares

Sector: Mining

Companies: African Copper

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