By Anthony O. Goriainoff

Zanaga Iron Ore said Monday it has entered into an equity subscription agreement with Shard Merchant Capital, or SMC, and that it swung into pretax profit for 2022 after booking lower costs.

The London-listed company said that under the agreement it will issue up to 36 million ordinary shares in up to three tranches of 12 million shares each. It added that SMC will pay 95% of the gross proceeds of any sale, and that it has the ability to repurchase any unsold subscription shares from SMC.

The company said that, as an example, should SMC place share at 13.30 pence--this being the closing price on Thursday--the net proceeds received from SMC would be around 3.2 million pounds ($4.1 million).

Zanaga Iron Ore said pretax profit was $8.1 million for last year compared with a pretax loss of $1.9 million for 2021.

The company said that total comprehensive income for the year was $4.7 million compared with a loss of $1.9 million the year before.

The company booked a $9.1 million gain on revaluation of investment related to the acquisition of the Glencore stake in the Jumelles project located in the Republic of Congo.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

July 03, 2023 03:13 ET (07:13 GMT)

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