Agriminco Announces The Cancellation Of Premier African Minerals Ltd Share Holding In Agriminco
AgriMinco Corp. announces the cancellation of 120,821,176 common shares of the Company that were held by Premier African Minerals Ltd (PREM).
On 02 July, 2013 the Company acquired from PREM the two companies, G&B African Resources Sarl and G&B African Resources - Mali Sarl for a share consideration of 120,821,176 common shares in the Company. Upon issuance of these shares by the Company, the issued and outstanding shares in the Company totalled 285,811,923
On 19 March, 2014 the Company entered into an option agreement with PREM for acquisition the Company's 30% holding in the Danakil potash project in Ethiopia. On 13 May, 2014 PREM exercised this option and as one of the terms of the acquisition, PREM surrendered Company share certificates equivalent to 120,821,176 shares to the Company for cancellation.
On 04 February, 2015 the Company was advised by Computershare, the Company's registrar, that the shares referred to above had been cancelled and the Company's current number of outstanding common shares is 164,990,739.
Mr. Bruce Cumming, the Company CEO commented: The shares held by PREM represented approximately 42% of the Company's share capital and the confirmation of this cancellation of the shares will have a benefit to the Company's overall health and will impact on the Company's market capitalisation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.