REG - Kazera Global PLC - Receipt of further payment

Kazera GlobalAnnouncement

09/01/2023 07:00

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RNS Number : 0126M  Kazera Global PLC  09 January 2023

9 January 2023

Kazera Global plc

("Kazera" or the "Company")

Receipt of further payment

 

Kazera Global plc, the AIM quoted investment company, is pleased to announce
that it has received further cleared funds of N$12,103,000 from Hebei Xinjian
Construction ("Xinjian") which translates into USD716,265.

 

Overview

 

·      On 20 December 2022, the Company announced an agreement for the
sale of Kazera's interest in 100% of the shares in African Tantalum to Xinjian
for a headline sum of USD13 million (excluding interest at 8% on loans of
cUSD9.3 million made by Kazera to African Tantalum).

·      On signing of these agreements, Kazera received a payment of
USD642,207.

·      A further USD500,000 was due from Xinjian to Kazera by 31
December 2022.

·      Xinjian made an initial payment of $385,868.51 in this regard as
announced on 30 December 2022.

·      Kazera has now received a further payment of USD716,265 bringing
the aggregate amount received to date to USD1,745,339.51 , far exceeding the
contracted amount required at this stage in the process.

·      A further USD1,897,866.49 is expected to be paid by Xinjian by
the end of January 2023, with monthly payments commencing from April 2023.

·      Complete operational control has now passed to Xinjian, with
Xinjian responsible for ongoing costs and retaining revenue from operations
save for a 2.5% royalty to be paid to Kazera in perpetuity. Kazera will retain
ownership of 100% of the shares in African Tantalum as security until all
amounts owing to it have been paid.

 

Dennis Edmonds, Kazera Chief Executive Officer, commented:

 

"The receipt of this further payment is another positive gauge of Xinjan's
confidence in the asset and highlights the positive working relations between
the two parties in the transition and we are pleased to have now transferred
operational control. The buyers are now well ahead of the payment schedule,
and we look to continue this strong track record through to completion of the
sale."

 

For further information on the Company, visit: www.
(http://www.kazeraglobal.com/) kazeraglobal (http://www.kazeraglobal.com/)
.com (http://www.kazeraglobal.com/)

 

 Kazera Global plc (c/o Camarco)                             Tel: +44 (0)203 757 4980

 Dennis Edmonds (CEO)

 finnCap (Nominated Adviser and Joint Broker)                Tel: +44 (0)207 220 0500

 Christopher Raggett / Fergus Sullivan (Corporate Finance)

                                                             Tel: +44 (0) 207 220 9797

 Peterhouse Capital Limited (Joint Broker)

 Duncan Vasey and Lucy Williams (Corporate Broker)

 Camarco (PR)                                                 Tel: +44 (0)20 3781 8331

 Elfie Kent / Hugo Liddy / Gordon Poole

 

 

 

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