CGO Contango Holdings Plc

TIDMCGO

RNS Number : 3754S

Contango Holdings PLC

05 November 2019

Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources

5 November 2019

Contango Holdings Plc

('Contango' or the 'Company')

Further Acquisition Update

Contango Holdings Plc ('Contango' or the 'Company') is pleased to provide an update to shareholders regarding its proposed acquisition of the Lubu Coalfield project in Zimbabwe ('Lubu Coalfield') from Consolidated Growth Holdings Limited ('CGH').

Demonstrating Contango's continued expectation of a successful close to the transaction, the Board of Contango has recently advanced further tranches of US$23,000 and $28,314 to CGH so that it can continue to progress the work programme at the Lubu Coalfield. Contango has now advanced a total of $301,314 to CGH. The funds have been deployed on drilling holes and assaying those holes to determine the coal product characteristics for the purposes of marketing the coals to potential buyers.

As per the announcements dated 31 May 2019 and 2 August 2019, in the event the transaction does not unconditionally complete by, at the latest, 24 December 2019 funds advanced by Contango to CGH are to be returned.

Contango is pleased to advise it intends to undertake a roadshow during the week commencing 18 November 2019 to raise approximately GBP1M at a price of 5 pence per share, being the same as the Transaction price with CGH, and will subsequently seek to re-list the Company following the successful conclusion of this capital raise.

* ENDS *

For further information, please visit www.contango-holdings-plc.co.uk or contact:

 
 Contango Holdings plc                E: info@contango-holdings-plc.co.uk 
 
 Brandon Hill Capital Limited         T: +44 (0)20 3463 5000 
  Financial Adviser & Broker 
  Jonathan Evans 
 
 St Brides Partners Ltd               T: +44 (0)20 7236 1177 
  Financial PR & Investor Relations 
  Catherine Leftley/Cosima Akerman 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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November 05, 2019 12:00 ET (17:00 GMT)

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