AFE African Eagle

 
TIDMAFE 
 
 
   Result of GM and Approval of Disposal and Investing Policy 
 
   African Eagle is pleased to announce that, at the Company's General 
Meeting ("GM"), held earlier today, all resolutions put to shareholders 
of the Company ("Shareholders") were approved and duly passed. 
 
   As a result, the Company can confirm that, subject to satisfaction of 
the remaining condition precedent, being the approval of the Tanzanian 
mining licence authority, a 90% interest in Blackdown Minerals Limited 
("Blackdown Minerals"), a company holding substantially all of the 
Company's assets and businesses in Tanzania, will be sold to Blackdown 
Resources (UK) Limited, a subsidiary of Cienega S.a.r.l. ("Cienega"), 
which, as previously disclosed, is ultimately owned by Nick Clarke and 
his family trusts. 
 
   The Directors are engaged in discussions with the Tanzanian mining 
licence authority and are confident that the requisite approval will be 
received, after which the Disposal will complete. Under the terms of the 
SPA with Cienega, the condition relating to the receipt of this approval 
must be waived or fulfilled by 31 August 2013 (or such later time as 
agreed between the Company and Cienega). Accordingly, a further 
announcement will be made in due course as appropriate. 
 
   As at 22 July 2013, the Tanzanian entities owned by Blackdown Minerals 
had total liabilities of approximately GBP1.4m including the potential 
liability to the Tanzanian Revenue Authority, for which a provision of 
GBP600,000 was made in the annual financial statements of the Group for 
the year ended 31 December 2012. On completion of the Disposal, all such 
liabilities, including creditors, the tax liability, employee and 
related local liabilities and taxes will remain with the relevant 
Tanzanian entities and not with the Company. 
 
   In addition, on completion of the Disposal, AFE expects to have net cash 
of approximately GBP205,000, which the Directors believe provides the 
Company with sufficient working capital for the next two months. 
 
   As a result of Shareholder approval at the GM, the Company's Investing 
Policy has also been approved. 
 
   Under the AIM Rules, the Company is required to make an acquisition or 
acquisitions which constitute a reverse takeover under the AIM Rules or 
otherwise implement its Investing Policy within 12 months of the date of 
the GM, failing which the Ordinary Shares would be suspended from 
trading on AIM in accordance with AIM Rule 40. 
 
   Defined terms used in this announcement have the same meanings as those 
in the Circular to Shareholders, dated 5 July 2013. 
 
   For further information, please visit www.africaneagle.co.uk or contact: 
 
   African Eagle Resources plc 
 
   Robert McLearon, Managing Director 
 
   +44 20 7248 6059 
 
   Strand Hanson Limited (NOMAD) 
 
   Stuart Faulkner 
 
   Angela Hallett 
 
   James Dance 
 
   + 44 20 7409 3494 
 
   Ocean Equities Limited (Broker) 
 
   Guy Wilkes 
 
   +44 20 7786 4370 
 
   About African Eagle 
 
   African Eagle Resources plc is listed on the AIM Market of the London 
Stock Exchange (AFE) and Johannesburg AltX (AEA) stock exchanges. 
 
   This announcement is distributed by Thomson Reuters on behalf of Thomson 
Reuters clients. 
 
   The owner of this announcement warrants that: 
 
   (i) the releases contained herein are protected by copyright and other 
applicable laws; and 
 
   (ii) they are solely responsible for the content, accuracy and 
originality of the 
 
   information contained therein. 
 
   Source: African Eagle Resources PLC via Thomson Reuters ONE 
 
   HUG#1717917 
 
 
  http://www.africaneagle.co.uk/ 
 

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