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Anglo African Oil & Gas PLC agrees divestment to become cash shell

How it’s doing

In late December, () reached an agreement to divest Zenith Energy to acquire its interest in the Tilapia project.

In June 2020, Anglo African entered into an unsecured convertible loan facility with Riverfort Global Opportunities for an amount of up to £1.5mln.

The first drawdown of £160,000 was advanced in June, with further drawdowns of £100,000 per month up to the agreed amount.

Each Drawdown is interest-free but attracts a 7% drawdown fee to be added to the principal amount outstanding and convertible on the same terms.

All drawdowns and fees associated shall be convertible into ordinary shares, it said.

Inflexion points

  • Looking for reverse takeover
  • Any reverse takeover transaction will transform business
  • Potential new management appointments

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2020-07-15 13:00:00

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