China Africa Resources to acquire 49pc of Global Exploration Technologies
(ShareCast News) - Natural resource exploration and development company China Africa Resources announced on Wednesday that it has signed an investment agreement with Global Exploration Technologies - a private Australian company - to acquire a 48.88% shareholding in GET.
The AIM-traded firm said GET has five exploration licences in the Kalahari Copper Belt in Botswana held through three Botswanan subsidiary companies
"Shareholders should note that this transaction does not constitute a reverse takeover under the AIM rules and consequently China Africa must continue to seek to complete a reverse takeover or face suspension from trading on AIM," its board noted.
In addition to the investment, the board said it is "actively advancing" discussions in respect of various other investment and acquisition opportunities, including both project and corporate transactions, and is principally - although not entirely - focused on uranium, lithium, cobalt, copper and niobium commodities.
"I am pleased to confirm to the market this investment in GET, a company with interests in the Kalahari Copper Belt in Botswana," said China Africa CEO Paul Johnson.
"The China Africa team have been highly proactive in the search for new potentially high value opportunities across the energy metals and minerals sector."
Johnson said the acquisition represents a first step forward for the Company.
"Investors may be aware of the significant copper discovery recently made in the Kalahari Copper Belt by MOD Resources and we are delighted to be investing in the same region in Botswana through GET."
He added that exploration projects of such nature carry material exploration risk, but in this case it was countered by the "exceptional operating environment" that Botswana provides for professional operating companies.
"GET has developed and is implementing a planned exploration programme and through our investment we are supporting that work.
"The principle objective for GET is to identify further economically viable copper deposits in the region."