Adama Technologies in Advanced Negotiations to Purchase Mining Asset in Africa
Adama Technologies Corp. a clean-tech company dedicated to the remediation of contaminated brownfields, today announced the company has entered into advanced negotiations to purchase a major mining asset in Africa.
Purchase of the asset is intended to improve the company’s ability to raise capital toward the development of new and existing projects.
The company entered into negotiations on the African mining asset following attempts with a separate party to negotiate the sale of Adama’s existing asset in Romania. A previously announced offer to purchase a renewable energy project in Bucharest currently held by Adama has been withdrawn.
As a result, intended dividend payments to shareholders will not be issued as announced.
“Adama is continuously advancing business development activities that will bring the company the capital necessary to fully finance new and existing projects,” said Aviram Malik, CEO of Adama Technologies. “We believe this acquisition can add significant value to our company and broaden our ability to attract investors in the near future.”
This article was originally posted on Africa Oil & Mining Network
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