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  • African Energy Resources Executive Chairman Acquires Further Shares On Market 0 comments
    Jul 1, 2013 1:41 AM

    African Energy Resources (ASX: AFR) executive chairman Alasdair Cooke has followed on his share acquisitions last month, acquiring another 500,000 shares on market.

    He paid a total consideration of $34,374, or an average price of $0.069 per share. His total shareholding now stands at 34,002,925 shares held directly or indirectly.

    Cooke also holds 1 million performance rights; 250,000 Unlisted Options exercisable at $0.90 on or before 31 December 2013; 250,000 Unlisted Options exercisable at $1.10 on or before 31 December 2013; and 250,000 Unlisted Options exercisable at $1.30 on or before 31 December 2013.

    He had acquired almost 1 million shares last month.

    African Energy had recently closed a formal share sale deed for the acquisition of the 1.3 billion tonne Mmamantswe Coal Project in south east Botswana from Aviva Corporation (ASX: AVA).

    On completion of the sale and a capital raising, African Energy will have secured the rights to a total of 3.8 billion tonnes of coal in Botswana and increased working capital to around $6 million from capital raised.

    The Mmamantswe Coal Project is in south-eastern Botswana, and comprises a Measured and Indicated Resource of 1.3 billion tonnes of thermal coal, including 895 million tonnes of Probable Reserves.

    A 2009 Scoping Study completed by SRK concluded that a 10 million tonnes per annum open-pit mining operation could produce 2.4 million tonnes per annum of washed export coal (22MJ/kg, <20% ash) and 2.1 million tonnes per annum of middlings suitable for power station fuel (15.3MJ/kg, 38% ash) at a ROM (run-of-mine) cash cost of $9.10 per tonne.

    An EIA was approved for the project by the Government of Botswana in October 2012.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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