African Metals closes asset sale
Canadian mineral exploration company African Metals Corporation has completed the sale of all or substantially all of its assets as approved by special resolution of its shareholders.
The particulars of the transaction and the results of the special meeting of shareholders were described in the Management Information Circular which was sent to the shareholders in connection with the meeting. The documents can be viewed on the Company's documents filed on SEDAR at www.sedar.com.
The Company is in the process of settling all of its current secured and unsecured debts and liabilities which were in existence at the time that the current management and the majority of the Board of Directors consisting of John O'Donnell and David Mason took office.
The Company also intends to use the sale proceeds to reinstate the Company's corporate standing, bring its books and records back to good order, hold an annual general meeting of Shareholders and complete all necessary steps to apply to have the current cease trade order dated December 1, 2016 revoked.
Once the Company's debts are settled, the Company plans to use the remaining sale proceeds, which are expected to be approximately US$1,800,000, to seek out further business opportunities, which are currently unknown.