REG - Obtala Resources Ltd - Forestry Update <Origin Href="QuoteRef">OBT.L</Origin>
RNS Number : 2601ZObtala Resources Limited31 May 201631 May 2016
Obtala Resources Limited
("Obtala", the "Group" or the "Company")
(AIM: OBT)
Forestry Update
Obtala Resources Limited (AIM:OBT), the African focused agricultural and timber company, announces today that it has received the second and final payment of US$300,000 from Global Timber Investment Limited as per the investment agreement announced on the 17 February 2016.
As per the 17 February 2016 announcement, three separate investors have now acquired minority shareholdings of less than 20 per cent. in three newly formed holding companies for a total investment of c. US$3 million all of which has now been received. Each holding company holds the production rights for harvested timber from one of the Company's concessions. Obtala, through its subsidiary companies, still owns and maintains the timber concessions, which cover a total area of 314,965 hectares. In return for this investment, the investors will receive a 5% fixed return on their investment, payable biannually and a pro-rata share of any income.
Obtala Resources
Kevin Milne - Deputy Chairman
Simon Rollason - Managing Director+44 (0)20 7099 1940
ZAI Corporate Finance Limited (Nomad)
Ray Zimmerman/John Treacy/Jamie Spotswood
+44 (0)20 7060 2220
Brandon Hill Capital (Broker)
Jonathan Evans
+44 (0)20 3463 5000
This information is provided by RNSThe company news service from the London Stock ExchangeENDMSCVELBLQEFXBBD
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